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President Donald Trump is weighing whether to deploy up to 1,000 National Guard troops to Washington, D.C., as early as this week, Fox News has learned, in an effort to help deal with what he characterized as a surge in violent crime. 

The plans come just one day after Trump vowed on Truth Social to evict homeless persons from that nation’s capital. ‘The Homeless have to move out, IMMEDIATELY,’ Trump said on social media. ‘We will give you places to stay, but FAR from the Capital. The Criminals, you don’t have to move out. We’re going to put you in jail where you belong.’

Trump’s plans, which are expected to be detailed further at a 10 a.m. press conference Monday, would likely involve members of the D.C. National Guard, or the 2,700-member National Guard force that acts at the express authority of the commander in chief.

Unlike other branches, Trump would not have to get the sign off of local authorities to act — likely making their activation a tempting option.

When speaking to reporters in the Oval Office last week, Trump railed against what he described as a ‘ridiculous’ level of crime in the nation’s capital, buffeted most recently by the assault on a former DOGE staffer earlier this month.

‘We want to have a great, safe capital,’ Trump said last week. ‘And we’re going to have it.’

Trump also told reporters that his White House lawyers are looking into ending the Home Rule Act, a law passed by Congress in 1973 that gave Washington, D.C., residents the right to elect their own mayor and local representatives. 

White House press secretary Karoline Leavitt also told reporters last week that Trump had ordered law enforcement personnel to increase their presence in the capital, though the additional details on the scope and timeframe of that presence remain unclear. 

Trump is expected to address those plans in a press conference Monday morning. 

However, for Trump, delivering on this promise could be fraught with long-term legal complications — in part, because crime in the city is actually down to its lowest point in nearly 30 years.

Violent crime in the first seven months of 2025 has dropped by roughly 26% compared to 2024, according to data compiled by the D.C. Police Department and released earlier this month. Overall, crime in the nation’s capital has dropped by roughly 7%.

On Sunday, White House deputy chief of staff Stephen Miller said in an interview with NewsNation that Washington, D.C., ‘is more violent than Baghdad.’ 

Washington, D.C., Mayor Muriel Bowser, for her part, told MSNBC in an interview Sunday that ‘Any comparison to a war-torn country is hyperbolic and false.’

However, it’s not the first time Trump has sought to crack down on crime in the nation’s capital — an effort he has returned to frequently, including during his first term in office.

Trump in March signed an executive order, ‘Making DC Safe and Beautiful Task Force,’ designed to address issues with a city he has long derided as ‘filthy,’ ‘horribly run’ and ‘crime-ridden,’ among other things. ‘We want to have a great, safe capital,’ he told reporters. ‘And we’re going to have it. And that includes cleanliness and it includes other things.’

However, those powers aren’t indefinite, experts explained to Fox News Digital.

Trump does have the authority to activate the 2,700-member D.C. National Guard without the approval of local officials. Guard troops provide ‘mission-ready personnel and units for active duty in the armed services’ in Washington, D.C., according to their website.

Beyond that, Trump’s ability to exercise authority in the nation’s capital is bound by the Home Rule Act. 

In the more than 50 years since that law was passed, ‘there really hasn’t been a serious conversation about ending home rule governance,’ George Derek Musgrove, a history professor at the University of Maryland in Baltimore County, told Fox News in an interview.

‘And the problem with our federal system is that there are places where Trump really doesn’t have any supporters, and therefore, with the limits of executive power, really doesn’t have that much sway,’ Musgrove said. ‘And he’s constantly probing for ways around that.’

Other options available to Trump aren’t without their own limits. In order to call up the local police force for any meaningful length of time, as Trump has suggested, a president must be able to assert ‘special conditions of an emergency nature,’ according to the 1970s law.

‘If D.C. doesn’t get its act together, and quickly, we will have no choice but to take federal control,’ Trump said last week. 

However, that’s easier said than done, individuals familiar with the law told Fox News Digital.

‘DC is just a tempting target because there’s not even a lot of legal gymnastics you have to do in order to exert tremendous power [in a city with ]a 90% Democratic jurisdiction. He has it already,’ Musgrove said.

‘But it is morally questionable, I think, and violates democratic principles,’ he added.


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Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) (‘Cardiol’ or the ‘Company’), a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, is pleased to announce that it will participate in a Fireside Chat at Canaccord Genuity’s 45th Annual Growth Conference in Boston, MA, on August 12, 2025, at 9:30 a.m. EDT.

A live webcast of the Fireside Chat will be accessible under ‘Events & Presentations’ in the Investors section of the Cardiol website (www.cardiolrx.com/investors/events-presentations/). The replay will be available for 90 days following the conference.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx™ (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with pericarditis, myocarditis, and heart failure.

Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration (‘US FDA’) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx™ in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing Phase III MAVERIC trial (NCT06708299). The completed ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The US FDA has granted Orphan Drug Designation to CardiolRx™ for the treatment of pericarditis, which includes recurrent pericarditis.

Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure—a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

For more information about Cardiol Therapeutics, please visit cardiolrx.com.

Cautionary statement regarding forward-looking information:

This news release contains ‘forward-looking information’ within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are ‘forward-looking information’. Forward-looking information contained herein may include, but is not limited to statements regarding the Company’s focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, the Company’s intended clinical studies and trial activities and timelines associated with such activities, including the Company’s plan to complete the Phase III study in recurrent pericarditis with CardiolRx™, and the Company’s plan to advance the development of CRD-38, a novel subcutaneous formulation of cannabidiol intended for use in heart failure. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company’s Annual Information Form filed with the Canadian securities administrators and U.S. Securities and Exchange Commission on March 31, 2025, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements.

For further information, please contact:
Trevor Burns, Investor Relations +1-289-910-0855
trevor.burns@cardiolrx.com

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261960

News Provided by Newsfile via QuoteMedia

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President Donald Trump’s week will culminate in a high-stakes summit with Russian President Vladimir Putin in Alaska, where the two leaders are expected to discuss the war in Ukraine and the broader state of U.S.–Russia relations on the global stage.

The summit, scheduled for Friday, has drawn international scrutiny amid concerns that Washington and Moscow could attempt to broker terms for ending the conflict without formally involving Ukrainian President Volodymyr Zelenskyy, leaving him only a tacit role in negotiations.

Trump has previously said that Putin and Zelenskyy were close to a ceasefire deal but signaled that war-weary Kyiv would have to concede significant territory, an outcome that Ukrainians and many European allies oppose.

Russian forces currently occupy approximately one-fifth of Ukraine’s territory stretching from the Russian border to Crimea — including regions vital to the country’s economy, rich in minerals, industry, and home to Europe’s largest nuclear power plant.

Both the White House and the Kremlin have acknowledged Zelenskyy’s request to join the talks, though no formal invitation has been extended to the Ukrainian leader. If granted a seat at the table, it would mark the first face-to-face meeting between Zelenskyy and Putin since the Kremlin launched its full-scale invasion of Ukraine in February of 2022.

The summit comes as Russia’s war grinds into its third year and fifth month, with Moscow showing little sign of abandoning its efforts to erode Ukraine’s sovereignty and reassert the territorial influence of the former Soviet empire.

The Kremlin said in a statement on Saturday that Trump and Putin are expected to ‘focus on discussing options for achieving a long-term peaceful resolution’ in Ukraine. ‘This will evidently be a challenging process, but we will engage in it actively and energetically,’ the statement added.

‘The US has the power to force Russia to negotiate seriously’

Over the weekend, several European leaders voiced support for Zelenskyy’s push to attend this week’s summit, amid growing concerns that Kyiv’s long-term security could be negotiated without its direct involvement.

The leaders of Britain, France, Germany, Italy, Poland, Finland and the European Commission said in a joint statement that any diplomatic solution brokered between Trump and Putin must uphold the security interests of both Ukraine and Europe.

‘The U.S. has the power to force Russia to negotiate seriously,’ European Union foreign policy chief Kaja Kallas told Reuters on Sunday. ‘Any deal between the U.S. and Russia must have Ukraine and the EU included, for it is a matter of Ukraine’s and the whole of Europe’s security,’ she added.

NATO Secretary General Mark Rutte also voiced support for Zelenskyy’s attendance at the meeting and called the summit an opportunity to measure how serious Putin is about ‘bringing this terrible war to an end.’ 

Zelenskyy thanked European leaders for their support and said that ‘the end of the war must be fair.’

‘I am grateful to everyone who stands with Ukraine and our people today for the sake of peace in Ukraine, which is defending the vital security interests of our European nations,’ he said.


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House GOP fiscal hawks have requested tens of millions of federal dollars for projects in their home districts for fiscal year 2026, an analysis by Fox News Digital has found.

It’s common practice for congressional lawmakers to request funding for specific community initiatives for the people they represent – measures called ‘earmarks.’ Critics of such funding have often referred to it as ‘pork,’ however.

This coming fiscal year, beginning on Oct. 1, is no different – both Republicans and Democrats have requests totaling over a billion dollars in earmarks so far. 

That includes conservatives in the House of Representatives who have been known to criticize what they describe as excessive or bloated government spending.

House Freedom Caucus Chair Andy Harris, R-Md., for instance, has been approved for more than $55 million in federal funding for projects in his district. 

The figure includes $9 million for the Middle River Fire Company to make improvements and upgrades to its facilities, and $1 million for the development of a Doctor of Veterinary Medicine program at the University of Maryland Eastern Shore. 

The majority of Harris’ requests are aimed at rural development in his district and the Army Corps of Engineers. Three earmarks were requested for clean water initiatives.

Harris told Fox News Digital when reached for comment on the funds, ‘These awards are certified to directly benefit taxpayers in the district—drawing from existing grant programs that are funded annually. It’s far better for elected members of Congress to designate where that money goes than to leave those decisions to unelected federal bureaucrats. There are no additional funds appropriated for Community Project Funding – they all fall within the agency’s appropriation.’

Rep. Tim Burchett, R-Tenn., a self-described deficit hawk, was approved for just over $10 million so far. That includes over $4 million for Flexible Neutron Source, a research tool at the University of Tennessee, and $2 million for veterans housing in Knox County.

House Freedom Caucus member Rep. Clay Higgins, R-La., was approved for more than $18 million in earmarks – with the largest request being $4,200,000 for the Silicon Bayou Semiconductor Technology Center at the University of Louisiana, Lafayette.

Higgins’ total sum also includes funding for Army Corps of Engineers projects, as well as rural hospital, law enforcement and clean water initiatives.

He also submitted a joint request with House Majority Leader Steve Scalise, R-La., for $131,500,000 toward a levee and floodgate system, called the Morganza to the Gulf of Mexico Project, aimed at storm damage prevention.

Rep. Lauren Boebert, R-Colo., another member of the House Freedom Caucus, got nearly $15 million in community funding projects approved, chiefly aimed at clean water programs and highway infrastructure.

Boebert was vehemently against earmarks when she first came to Congress. Her opinion has changed since then, however, due to Republican-led changes to the process – which she explained in a 2023 op-ed in the Aspen Times.

She made a similar argument to Fox News Digital when reached for this story: ‘I fought for real reforms to the appropriations process in 2023 to make sure my constituents’ tax dollars go to necessary infrastructure projects, not the wasteful and corrupt spending schemes that took place under Nancy Pelosi.’

‘My district’s roads are crumbling, and our water keeps getting sent to California, where it’s wasted, because Colorado’s politicians won’t invest in water storage or infrastructure investments. My constituents pay federal taxes just like everyone else, and they should see their dollars benefit their communities instead of being sent to sanctuary cities like Denver,’ Boebert said.

Conservative libertarian Rep. Thomas Massie, R-Ky., also got some community funding, though only totaling $5 million approved so far. Massie’s requests so far are all focused on construction and rehabilitation for Cincinnati/Northern Kentucky International Airport.

Massie told Fox News Digital of the funding, ‘I serve on the Transportation and Infrastructure Committee because I believe the federal government has a legitimate role in transportation infrastructure, and the legislature has the constitutional authority to direct the funding of those projects.’

‘In fact, I have voted in the GOP conference more than once to restore congressionally directed spending in the context of transportation infrastructure,’ Massie said.

And Rep. Marjorie Taylor Greene, R-Ga., chair of the subcommittee for Delivering on Government Efficiency (DOGE), got nearly $10 million in earmarks approved for her rural-suburban Georgia district. 

Those funding requests are largely comprised of infrastructure initiatives, clean water programs, and law enforcement-related projects for Floyd County and other areas.

While known as a fiscal hawk, it’s worth noting that the majority of Greene’s criticism of government spending is directed at foreign aid.

Greene said she was glad to be able to provide for her district when reached for comment by Fox News Digital.

‘I’m proud to bring federal tax dollars back home to Northwest Georgia – where they belong. My constituents work hard, and for far too long, Washington has sent their money to fund foreign wars, foreign governments and globalist pet projects. When I first got to Congress, I opposed the earmark process because I believed it was a tool of the Swamp. But after seeing how it works today, I’ve realized that if we don’t fight to bring money back to our districts, the money goes elsewhere,’ Greene said.

‘I’ll never support billions for Ukraine or other endless wars, but I will absolutely fight to secure critical investments in Northwest Georgia, from water systems and sewer expansions to public safety equipment, roads and broadband.’

The aforementioned lawmakers’ spending requests are far from an exhaustive total list across the entire House, but fiscal conservatives’ earmark proposals show just how widespread the practice is within Congress – on both sides of the aisle.

Republicans have made some changes to the process as of FY2025, however, to narrow what’s allowed.

In an effort to block out funding requests for ‘woke’ or socially progressive policies, GOP appropriators have barred earmarks for most nonprofit organizations.

That move likely saved hundreds of millions of dollars in annual spending, but Democrats decried it as a block on federal funding for LGBT initiatives.

Fox News Digital reached out to spokespeople for Burchett and Higgins for comment but did not receive a response.


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Imagine for a minute that I give you a jar of jellybeans and ask for your best guess at how many are in the jar. I give you ten seconds, and, in that time, you’re allowed to do whatever you want including opening the jar and taking some of the jellybeans out or perhaps even taking pictures of the jar.

After those ten seconds are up, I take the jar away and then give you one hour to come up with your best guess. You can use whatever statistical techniques you want, whatever tools you want, and you can bring in a whole team of experts to help you. After that hour, though, your guess is due. At the end, you give me a preliminary guess of 1,597 jellybeans in the jar.

I then give you the jar again with the same rules, except this time, you get five whole minutes to examine it and then I give you and your team ten hours to give me a new, revised guess. You come back and inform me that you would like to change your guess to 1,595 jellybeans.

In response, newspaper headlines across the country run the story that your revised guess was a “massive” and “unprecedented” divergence from your preliminary guess. You get accused of having an axe to grind against the jellybean industry and the president of the company very publicly and very clearly fires you from your job as jellybean counter because of your gross incompetence.

Surely, such a thing could never happen, right?

Unfortunately, if we equate each jellybean with 100,000 jobs in the US economy, this is exactly what happened to Erika McEntarfer, the now-former BLS Commissioner just last week.

Consider that there are roughly 159 million people currently employed in nonfarm jobs alone in the United States today. The change in employment would be the difference between last month’s jobs number and this month’s jobs number. Here is a table with the preliminary estimates of the total number of jobs compared to the revised estimates for the past three months:

 JulyJuneMay
Preliminary159,539,000159,724,000159,577,000
Revised159,466,000159,452,000

To calculate these numbers, I used the total number of nonfarm employees in April (since that month did not see any revisions this time around), which was 159,433,000, and then added the preliminary estimates for May (+144,000) to arrive at May’s preliminary total. To calculate June’s preliminary total, I added the preliminary estimate of jobs added in June (+133,000) to the preliminary total for May.

For the revised numbers, I again started with April’s total number of nonfarm employees and added the revised job growth figures (+19,000 in May and +14,000 in June). July’s now-preliminary total comes straight from the BLS reporting that was released on Friday, August 1, 2025.

For May, BLS officials overestimated the total number of nonfarm jobs in the US by a whopping 0.07 percent. For June, they overestimated it by a 0.16 percent. For an agency struggling with budget cuts forcing the Bureau to use smaller sample sizes and overall declining response rates to the household and establishment surveys, to be less than one percent off is a phenomenal achievement.

In fact, there’s strong evidence that the BLS has only gotten more accurate over time, not less. Ernie Tedeschi of The Yale Budget Lab and former chief economist for the White House Council of Economic Advisors released this analysis the trends of revisions:

It is certainly true that these revisions come at a particularly inopportune time for the Trump Administration. One week ago, the Administration and members of the New Right were extolling the greatness of the American economy and pointing to jobs numbers and GDP growth rates as positive evidence. The commentariat was questioning economists and economics as a field, saying that it was time to end the tariff skepticism and embrace the wisdom of Trump.

Labeling these figures as “RIGGED [sic]” is a public relations Band-Aid. But if more jobs numbers like these continue to come in, even with a new, Trump-appointed head of the BLS at the wheel, it will be difficult for the tariff proponents to recover.

But if the numbers turn around and are “revised” upward, doubt will pervade the econosphere, as people will lose faith in the accuracy of the BLS and their ability to correctly interpret what is going on in the economy.

The truth is that we need accurate and politically unbiased numbers from the BLS. As has been shown, they have an incredible track record. This reputation must be maintained if we are to continue to understand the economy and make informed decisions.

President Donald Trump recently spoke to the South Carolina Republican Party’s Silver Elephant Gala through a phone that Sen. Lindsey Graham held up to a microphone.

Trump, who endorsed Graham for re-election earlier this year, continued expressing his support for the senator while speaking on the phone.

Trump said the senator has his ‘full endorsement,’ calling him a ‘great guy,’ saying that Graham has always been there for him when he needed him and he ‘won’t forget it.’

‘Thank you for your surprise call, Mr. President!’ Graham said in a post on X that also featured footage of Trump’s remarks about him. 

‘With your support, I’ll keep delivering the America First agenda to the great people of South Carolina. I’m glad to have been part of the most awesome six months in modern history led by President @realDonaldTrump.’

Graham, who has served in the Senate since 2003, is facing Republican primary challengers.

Paul Dans, the former director of the 2025 Presidential Transition Project at the Heritage Foundation and who is one of Graham’s challengers, attended the event where Trump spoke by phone.

‘Lindsey Graham’s terrified—his Senate seat’s at risk against me, his toughest challenger yet. After 32 years of broken term-limit promises, he’s done. Clinging to President Trump won’t save him from SC’s America First Patriots who see his grift. #LindseyPanic #PrezTrumpPlsHelpMe,’ Dans wrote in a post on X.

Graham will be up for re-election in 2026.


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Since the passage of the One Big Beautiful Bill in early July, Democrats have devoted their summer to campaigning against the bill’s cuts to various social programs. Some took to the streets, organizing nationwide “Family First” protests that took place on July 26 but barely made a ripple. Others have chosen to stoke fear, with Chuck Schumer calling the bill the “We Are All Going to Die Act.” And some left-leaning outlets are looking forward, worrying about the headaches it may cause downtrodden groups, such as the poker-playing community.

Amid all the panic, there are indeed some major legitimate criticisms of the bill. It’s full of tax gimmicks like preferential treatment for tips and overtime or deductions for auto interest, and some estimate it will add $3 trillion to the deficit over the next ten years.

But there is one obscure provision that is an unambiguous win for all Americans: the restoration of the 1099-K threshold for third-party settlement organizations (TPSOs). This threshold was reduced to $600 in total transactions per year under Biden’s American Rescue Plan, and would have impacted peer-to-peer platforms like PayPal, Venmo, and the Cash App; intermediaries that small businesses rely on like Stripe, Square, and Shopify; and even apps that facilitate side gigs like Airbnb, Uber, and Lyft. That means TPSOs were on the hook to report to the IRS and send tax paperwork to anybody who sent or received money totaling $600 over the course of the year, split over any number of transactions. This includes contractors or small businesses that use one of the TPSO platforms mentioned, as well as anybody who uses those platforms to reimburse friends or make personal purchases.

The Biden administration was phasing in this decreased threshold, with the strict $600 requirement to go into effect during the 2026 tax year. The One Big Beautiful Bill ends that, returning the threshold to $20,000 across at least 200 transactions, as was the case prior to the Biden bill. The IRS rules caused a stir when first approved in 2021 and were themselves a step back from a proposal that sought to introduce a $600 reporting threshold for every personal bank account in the nation, instigating valid concerns that the IRS’ attempt to nickel-and-dime freelancers would sweep up more innocent Americans in the process.

Everybody should welcome the end of the $600 1099-K threshold, not only because of the inconvenience it would have caused for the self-employed, but also because of the innocent people who could have been swept up in the crossfire. Despite all the anti-corporate rhetoric on the American Left, Democrats’ support of the low threshold only contributed to the entanglement of big government with corporate power, consistent with their deputization of large companies to enforce their agenda on issues as broad-ranging as diversity, healthcare, and taxation. Democrats may be disappointed at the inability to enforce their taxation regime by disincentivizing self-employment as the Biden-era rules did, but the changes in the One Big Beautiful Bill reduce burdens on self-employed individuals, payment companies, and even the IRS itself.

The increase in the threshold also reduces the substantial room for error that was left in the hands of PayPal, Venmo, and similar platforms. Platforms generally require a memo for all payments, and these are supposed to play a role in the IRS crackdown, but this could go wrong in so many ways. A client and provider with a trusting relationship might send payments in a way that is not clearly a business expense. Meanwhile, one friend reimbursing another for a personal expense with a facetious memo — say, “Thank you for your service,” —  could come under IRS scrutiny.

The return to a far more reasonable $20,000 threshold and at least 200 transactions is a win for the self-employed and small businesses. But it’s also a win for the TPSOs who no longer have the obligation to regulate them on behalf of the government, as well as individuals who want to reimburse family or friends, or shop on Facebook Marketplace or Craigslist, without turning it into a federal tax case.

Of course, some revenue will fall through the cracks, whether taxpayers intend to underpay or not. But the marginal benefit of an invasive tax enforcement regime is likely low and the current administration’s 25 percent reduction in the IRS workforce seems to corroborate that, more than reversing Joe Biden’s net IRS expansion of 20,000 staffers and ignoring 10,000 remaining roles the Biden administration planned to fill. A government willing to waste prior taxpayer resources beyond the point of diminishing returns has really lost the plot, and this change is a welcome course correction.

A simple conversation sparked the idea for modern metered-dose inhalers, but markets made them iconic.

George Maison, President of Riker Laboratories in 1955, was talking with his daughter Susie about her asthma treatments. She was unhappy with her squeeze-bulb nebulizer and asked why her treatments couldn’t be taken like her hairspray: in an aerosolized can. She saw the connection and how much easier it might be to take her medicine. Her father also saw the potential, and he then developed the first pressurized metered-dose inhaler in 1956. 

This story about the connection between serendipity and technological innovation is more common than we might realize. It also indicates the importance of markets. Markets can help deliver goods, but they also clarify the nature of those goods, both of which improve health.

I once heard a speaker make the former argument. I forget who the speaker was, unfortunately, but the point was simply that markets are beneficial because they provide additional opportunities for people to acquire life-saving goods like inhalers. Markets provide opportunities for people to easily alleviate their symptoms by going to a shop down the street and buying an inhaler. These opportunities are especially important for children (even if rates of children with asthma are declining) and for people in lower-income households and minority groups. During the day or at night, and in person or via delivery, such services are available. Someone, likely a stranger, is willing to potentially save another’s life by selling inhalers. 

Markets can serve a vital role in improving health. Local stores and pharmacies, retail chains like Walgreens, CVS, and Target, online marketplaces like Amazon, and online pharmacies and price comparison tools like GoodRx are relevant examples where the incentives producers face to earn profits align with the goals of consumers. There might be market and government failures to consider, but market forces often help coordinate buyers and sellers in mutually beneficial ways. 

In a recent article “Reconsidering the Normative Foundations of Public Health: Market vs. Social Justice”, in a special issue of The Journal of Economic Behavior and Organization on Capitalism Evolving (edited by Ryan Yonk and Vlad Tarko), I develop the latter argument. Markets facilitate a discovery process based on the myriad goals individuals have that shapes the nature of goods (like pencils) and health-enhancing goods like inhalers. Markets help people figure out what it is they want—even if they can’t articulate what it is they want. Susie Maison just wanted an easier way to take her asthma treatments, like her hair spray, but she didn’t know how else to express that value, let alone pursue it.

The long history of inhalers speaks to this winnowing effect, wherein the competitive market process selects for attributes consumers value, which improves the good. If Susie had been born earlier, she might have been stuck with asthma cigarettes, Wyeth pencils, atomizers, the Mudge inhaler, and so on. While these devices might have helped improve breathing, people have other values like Susie’s story indicates. Older kinds of inhalers were likely costly to produce, cumbersome to use and/or reuse, fragile (e.g., the ceramic Nelson inhaler), and difficult to transport, among other deficiencies that deterred consumption.

After 1956, competition from other producers like 3M, Schering, and Roche, as well as consumers voting with their dollars, spurred a decades-long process of innovation that produced what we commonly recognize as an inhaler. This ongoing process develops as producers respond to profit and loss signals, driven by the production of their versions of an inhaler. If consumers value one version, firms will seek to produce more, better versions of that good in cheaper ways. Profits follow as rewards for incurring the costs and risks of developing that product. If, however, people don’t value one version, firms will suffer the losses. 

With modern inhalers, moreover, there are several margins over which innovation might occur, from selecting appropriate medicines and prolonging shelf life to developing more effective propellant systems and administering more precise dosages. All of these attributes increase the value of inhalers, benefiting producers and consumers.

Competitive markets spur innovation and help bundle the values people care about. We might solely rely on scientific advances to improve health outcomes absent markets, but we would be worse off. That is, markets serve the disparate and unknown goals people have, and they help make goods like inhalers more accessible, more reliable, less prone to user error, and easier to use.

This week saw tech stocks push the Nasdaq Composite (INDEXNASDAQ:.IXIC) to its best week since June.

However, on Monday (August 4), multiple news outlets reported that various Wall Street firms were warning of a near-term drop in the S&P 500 (INDEXSP:.INX) after its strong rally. In a note to clients, Mike Wilson of Morgan Stanley (NYSE:MS) forecasts that tariffs, which went into effect this week, will lead to a 10 percent correction.

“Over the last couple of weeks, we have noted that investors should expect a modest pullback in the third quarter,” Wilson wrote. Julian Emanuel of Evercore (NYSE:EVR) anticipates a 15 percent drop. Additionally, Parag Thatte’s team at Deutsche Bank (NYSE:DB) points to an overdue drawdown following three months of equity expansion.

Markets appear to have disregarded the warnings, as economic data released this week has revived expectations for interest rate cuts. Stephen Miran, US President Donald Trump’s interim selection for Adriana Kugler’s position as chair of the Council of Economic Advisers, has further fueled these expectations. According to CME Group’s (NASDAQ:CME) Fedwatch tool, traders now anticipate a nearly 90 percent probability of a rate cut next month.

Furthermore, exemptions to the Trump administration’s tariffs for companies investing in US manufacturing capacity led to a midweek rally in tech stocks that persisted through to Friday (August 8).

1. OpenAI’s busy week

On Wednesday (August 6), OpenAI unveiled the long-awaited GPT-5 version of ChatGPT, which CEO Sam Altman described as a “significant step” along the path to artificial general intelligence (AGI).

Altman declared that GPT-5 gives users PhD-level expert assistance on any subject, with fewer hallucinations, as well as superior coding abilities that could lead to an era of “software on demand.’

“Something like GPT-5 would be pretty much unimaginable in any other time in history,” he said during a pre-briefing with journalists on Wednesday. While GPT-5 exhibits signs of broad intelligence, Altman clarified that it lacks a key characteristic of AGI: the ability to learn and improve autonomously.

Concurrently, OpenAI for Government announced it is partnering with the US General Services Administration to offer ChatGPT Enterprise to the federal executive branch workforce for US$1 per agency for the next year.

In a statement to Wired, Altman said the agreement was part of Trump’s Artificial Intelligence (AI) Action Plan, which is geared at leveraging AI to better serve the American people.

Additionally, the company reportedly engaged in early discussions this week for a secondary stock sale that would increase its valuation to US$500 billion. During an interview with Schwab Network, Ben Emons, chief investment officer and founder of FedWatch Advisors, said OpenAI’s valuation could hit US$1 trillion.

A recent report by the Information found that OpenAI has hit an annualized run rate of US$12 billion, roughly double the US$6 billion recorded in revenue in the first half of 2025.

OpenAI also introduced a pair of freely available models this week, which Amazon (NASDAQ:AMZN) will offer to cloud-computing clients.

2. Stocks react to chip tariff exemptions

Trump announced plans to impose a nearly 100 percent tariff on semiconductor chips on Wednesday, but carved out an exemption for companies investing in US manufacturing capacity.

After a meeting at the White House, Apple (NASDAQ:AAPL) CEO Tim Cook pledged an additional US$100 billion investment in US manufacturing capacity, bringing its total commitment to US$600 billion over the next four years.

However, final assembly is expected to remain overseas “for a while,” according to Cook, and the announcement did not include any mention of future iPhone assembly in the US.

Apple performance, August 5 to 8, 2025.

Apple performance, August 5 to 8, 2025.

Chart via Google Finance.

The pledge led to a significant market reaction, with Apple shares climbing over 4 percent, leading gains on Wall Street.

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) also saw strong gains after it was reported that National Development Council Chief Liu Chin-ching told parliament that the company will be exempt since it has factories in the US, referring to fabrication plants currently under construction in Arizona.

However, he added that some of Taiwan’s chipmakers will be affected.

Likewise, South Korean trade officials stated that Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) will both avoid the tariffs due to their investments in US manufacturing facilities. Samsung has two chip fabrication plants in Texas, while SK Hynix is building a new advanced chip packaging and R&D facility in Indiana.

3. Firefly Aerospace makes explosive Nasdaq debut

Firefly Aerospace (NASDAQ:FLY) made a strong debut on the Nasdaq Global Market on Thursday (August 7).

The stock opened at US$70 per share, a significant jump from its initial public offering price of US$45.

After first targeting between US$35 and US$39 per share, the company raised the price from US$41 to US$43 on Tuesday (August 5). Firefly was valued at over US$2 billion after a Series D funding round in November 2024.

Its opening price represented a further increase. After briefly topping US$73.80, the company closed its first day on the market at US$60.35, raising US$868.3 million and achieving a valuation of approximately US$8.5 billion.

The company experienced a moderate pullback on Friday, opening at US$54.85 before briefly touching US$57.07; it then closed the week at US$50.17.

4. Tesla desbands Dojo team

Tesla (NASDAQ:TSLA) CEO Elon Musk confirmed reports that the company is disbanding its Dojo supercomputer team, posting to X on Thursday evening:

“It doesn’t make sense for Tesla to divide its resources and scale two quite different AI chip designs.

“The Tesla AI5, AI6 and subsequent chips will be excellent for inference and at least pretty good for training. All effort is focused on that.”

Tesla intended for Dojo to facilitate the training of its Autopilot and Full Self-Driving systems.

Sources for Bloomberg, which first reported the story, said Tesla will rely on partners like NVIDIA (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) and Samsung for chip manufacturing.

This move contradicts Musk’s commitments to “double down on Dojo” during his company’s second quarter earnings call on July 23. The development follows a letter sent to shareholders by two Tesla directors on Monday explaining the board’s decision to grant Musk a US$23.7 billion stock award.

Robyn Denholm, chair of Tesla’s board of directors, and Kathleen Wilson-Thompson, a director, said the decision was driven by Tesla’s transition from electric vehicles to AI and robotics.

The letter emphasizes the critical need to motivate Musk, stating that his involvement is essential for attracting and retaining talent at Tesla, especially as competition for AI talent intensifies.

5. Palantir reports solid growth in Q2

Major software company Palantir Technologies (NASDAQ:PLTR) reported its Q2 earnings on Monday, revealing revenue growth of 48 percent to US$1.003 billion. Shares of the company opened over 7 percent higher on Tuesday and continued to rise, finishing the week up nearly 18 percent.

Palantir Technologies performance, August 5 to 8, 2025.

Palantir Technologies performance, August 5 to 8, 2025.

Chart via Google Finance.

“This was a phenomenal quarter. We continue to see the astonishing impact of AI leverage,’ said Alex C. Karp, co-founder and CEO of Palantir, in a press release. “We are guiding to the highest sequential quarterly revenue growth in our company’s history, representing 50 percent year-over-year growth.”

Free cashflow rose by 282 percent to US$568.7 million. The company is projecting further revenue growth of around 49 percent in the third quarter. Its share price is up over 145 percent year-to-date after starting the year at US$76.20. As of Friday’s closing bell, shares of Palantir were trading for US$186.96.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Friday (August 8) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$116,454, down by 0.8 percent over the last 24 hours. Its lowest valuation on Friday was US$115,979, while its highest valuation was US$117,038.

Bitcoin price performance, August 8, 2025.

Bitcoin price performance, August 8, 2025.

Chart via TradingView.

An executive order from the Trump administration about the addition of cryptocurrency investment options to federally regulated 401(k) retirement plans could trigger an influx of new capital and drive up Bitcoin’s price.

Separately, over US$1 billion in Bitcoin call options are set to activate if Bitcoin hits US$200,000 on December 26, when US$8.8 billion in options are set to expire; however, experts believe the presence of these call options reflects strategic positioning rather than a widespread belief in a year-end surge to that level. Cointelegraph analyst Marcel Pechman notes that pro traders are using far-out-of-the-money calls in structured strategies like diagonal spreads and inverse butterflies to manage risk and seek asymmetric upside, not as direct bets on extreme price targets.

Ethereum (ETH) was priced at US$4,053, up by 4.9 percent over the past 24 hours and its highest valuation of the day. Its lowest valuation on Friday was US$3,910 at the start of trading.

Altcoin price update

  • Solana (SOL) was priced at US$178.05, up by 3.8 percent over 24 hours. Its lowest valuation on Friday was US$174.86, and its highest was US$179.36.
  • XRP was trading for US$3.30, up by 6.6 percent in the past 24 hours. Its lowest valuation of the day was US$3.22, and its highest price was US$3.35.
  • Sui (SUI) was trading at US$3.85, up 3.1 percent over the past 24 hours. Its lowest valuation of the day was US$3.73, and its highest was US$3.86.
  • Cardano (ADA) was trading at US$0.7964, up by 4.2 percent over 24 hours. Its lowest valuation on Friday was US$0.7787, and its highest was US$0.8022.

Today’s crypto news to know

Trump order opens door for crypto and private equity in 401(k)s

US President Donald Trump has signed an executive order directing the Department of Labor to review its fiduciary rules for retirement plans, potentially clearing the way for assets like cryptocurrencies, private equity and real estate to be included in 401(k)s. While no laws have changed, the move signals a potential shift from the Biden era.

The Employee Retirement Income Security Act still requires fiduciaries to choose “prudent” investments, meaning employers will need to justify the inclusion of volatile or opaque assets. Legal experts say the order could influence how federal agencies interpret the rules, but it won’t override decades of court precedents on fiduciary duty.

For now, employers remain cautious due to the risk of lawsuits over imprudent or overly expensive options. Crypto in 401(k)s remains rare, though large firms like BlackRock are already exploring target-date funds with alternative assets.

SEC and Ripple dismiss appeals, ending lawsuit

Ripple and the US Securities and Exchange Commission (SEC) have dismissed their respective appeals, effectively ending a five-year lawsuit, as per a brief filing on Thursday (August 7) with the Court of Appeals for the Second Circuit.

“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer, Stuart Alderoty, wrote on X.

The SEC sued Ripple in 2020 for selling XRP as an unregistered security. A July 2023 ruling by Judge Analisa Torres found XRP was not a security when sold on public exchanges, but was when sold to institutional investors.

The SEC appealed, and Ripple cross appealed. However, this past April, both parties filed a joint motion to pause their appeals, hinting at a settlement. They settled in May, asking Torres to dissolve the injunction and lower the US$125 million fine. She denied that in June, stating that Ripple must still follow federal securities laws.

Following the announcement, open interest in XRP grew by over 15 percent in 24 hours and futures volumes rose by over 233 percent, according to Coinglass data.

Parataxis to go public via SPAC merger

Bitcoin asset manager Parataxis announced its plan to go public by merging with a special purpose acquisition company (SPAC) called SilverBox Corp. IV on Wednesday (August 6).

The deal aims to raise up to US$640 million to “support acceleration of digital asset purchases and support long-term strategy.’ It implies a total pro forma equity value of up to US$800 million for the combined company, assuming the US$10 share price and no redemptions. The new public company will be named Parataxis Holdings and will trade on the New York Stock Exchange under the ticker symbol “PRTX.”

The company’s goal is to launch a yield-enhanced Bitcoin treasury strategy in the US and South Korea. The deal also includes an equity line of credit to raise additional funds. This will allow it to continue accumulating Bitcoin.

The company has already allocated US$31 million for an initial Bitcoin purchase.

Fundamental Global files to raise funds for ETH accumulation

Fundamental Global (NASDAQ:FGF), a new Ethereum treasury vehicle, has filed to raise US$5 billion, signaling the potential emergence of a new mega whale in the Ethereum market.

According to a Friday press release, the company aims to use the majority of the proceeds from a potential US$4 billion common stock offering to acquire a 10 percent stake in the Ethereum network.

“This US$5 billion shelf filing represents a significant step in our capital raising capabilities and positions us to move with speed and scale when capital deployment opportunities arise,” said CEO and Chairman Kyle Cerminara.

“We believe this framework will enable us to capitalize on ETH accumulation opportunities and support our target of a 10 percent stake in the Ethereum Network,’ he added.

Binance partners with Spain’s BBVA to bolster asset security

Binance is teaming up with Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second largest bank, to give customers the option of storing their assets with a regulated custodian rather than directly on the exchange.

The arrangement is designed to reassure investors after Binance’s US$4.3 billion fine from US regulators in 2023 over anti-money laundering failures. With BBVA acting as an independent custodian, customer funds would remain secure even if Binance faced hacking, insolvency or further regulatory action.

The partnership leverages BBVA’s strong reputation for compliance and innovation, aiming to encourage more cautious investors to engage with crypto. The move also follows leadership changes at Binance, including founder Changpeng Zhao’s resignation and brief prison sentence, as the company works to repair its image.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com