TheBRRR’s Thoughts

Joe Biden damaged his election chances on Friday by vetoing a bipartisan bill aiming to help secure and widen crypto adoption, so we’re taking the opportunity to drop some of our favorite Biden AI artwork in the newsletter today.

The White House initially announced it would veto the bill after it passed the senate, changed its mind as it was passing the house, but ultimately flipped back at the 11th hour to placate Elizabeth Warren’s anti-crypto army.

We’re also extending our coverage of the imminent Apple-OpenAI partnership - as Apple sheepishly admits its failure to improve Siri at any point since acquiring the technology in 2010.

If we zoom out, the macro backdrop continues to look great for risk assets.

The dollar is falling precipitously against other currencies, oil is falling, and interest rate cut odds have improved over the last week.

In our opinion, the rest of the year represents as good a time as ever to hold technology and crypto.

Roaring Kitty agrees it’s time to go risk-on - he returned to Reddit last night to disclose a massive 9-figure notional value position in GME after disappearing for two weeks.

Biden Vetos Pro-Crypto Bill Despite Bipartisan Support

WHAT HAPPENED:

• Vetoed Bill: Biden vetoed a bill aimed at overturning SEC's SAB 121, which restricts banks from custodizing crypto due to high costs.

• House and Senate Votes: The resolution passed the House (228-182) and the Senate (60-38), with bipartisan support to invalidate the SEC bulletin.

• Crypto Industry and Banks' Opposition: Both sectors argue that SAB 121 limits Americans' options to store digital assets at traditional banks.

• Biden's Rationale: Claims the bill lacked necessary consumer and investor protections, despite bipartisan consensus that it provided a balanced regulatory framework.

WHY IT MATTERS:

• Crypto Vote Impact: This veto alienates the crypto community, potentially costing Biden significant support in the 2024 election.

• Political Landscape: Trump's pro-crypto stance, including hosting NFT events and advocating for Silk Road's Ross Ulbricht, contrasts sharply with Biden's actions.

• Regulatory Uncertainty: Biden's alignment with SEC's Gary Gensler and Elizabeth Warren's anti-crypto stance signals ongoing regulatory challenges for the crypto industry.

• Market Reaction: The decision reinforces the perception of a hostile regulatory environment under the current administration, likely impacting crypto market sentiment and investments.

In summary, Biden's veto is a clear stance against the crypto industry, aligning with SEC's stringent regulations, and could significantly impact his political capital among crypto supporters heading into the 2024 election.

Zerohedge

Apple & OpenAI Partnership Update

WHAT HAPPENED:

• Apple and OpenAI Partnership: Apple is reportedly partnering with OpenAI to integrate ChatGPT technology into iOS 18, aiming to enhance Siri's capabilities.

• Year-long Negotiations: Discussions between Apple and OpenAI started in mid-2023, with Apple engineers testing ChatGPT integration into Siri.

• Potential Unveiling at WWDC: The deal and new AI features are expected to be announced at WWDC 2024 in June.

WHY IT MATTERS:

• Siri Overhaul: The integration of ChatGPT could make Siri significantly more responsive, accurate, and useful, potentially transforming it from a basic assistant to a more advanced chatbot.

• Microsoft's Concerns: Microsoft, which also uses OpenAI technology, is worried about the increased demand on servers and competition from Apple's improved AI capabilities.

• Impact on AI Adoption: Embedding ChatGPT into iOS could boost daily usage of generative AI tools, expanding their adoption in consumer products.

• Privacy Considerations: Apple aims to enhance Siri without compromising user privacy, ensuring that AI responses are generated without revealing user identities.

In summary, the Apple-OpenAI partnership could revolutionize Siri, making it a more powerful tool for iOS users while intensifying competition in the AI space, especially with Microsoft. This move highlights the growing importance of AI integration in consumer technology and its potential impact on user experience and market dynamics.

Tech Radar, 9 to 5 Mac

Got feedback? Follow the writer on Twitter @frank_locascio and send a message.

The BRRR is meant for informational purposes only. It is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.ll