As AI tools become increasingly integrated—and in some cases, even mandated—into professional workflows, their real-world impact on productivity is becoming more evident.
This chart, via Visual Capitalist’s Niccolo Conte, compares the average time it takes U.S. adults to complete 18 common work tasks with and without the use of generative AI, based on a December 2024 survey of 4,278 respondents conducted by Stanford University and the World Bank.
Generative AI Improves Productivity by Over 60%
Across all tasks, using generative AI reduced the average time taken to complete them by more than 60%.
Here’s how much time using generative AI saved across 18 common work tasks, in average number of minutes:
Task
Time With GenAI (avg. minutes)
Time Without GenAI (avg. minutes)
Time Reduction
Writing
25
80
-69%
Active Learning
26
76
-66%
Critical Thinking
27
102
-74%
Troubleshooting
28
115
-76%
Judgement and Decision Making
28
79
-65%
Management of Material Resources
28
92
-70%
Mathematics
29
108
-73%
Time Management
29
77
-62%
Complex Problem Solving
30
122
-75%
Instructing
31
93
-67%
Operations Analysis
31
98
-68%
Systems Analysis
31
87
-64%
Managament of Personnel
32
103
-69%
Programming
33
129
-74%
Equipment Maintenance
34
124
-73%
Quality Control Analysis
36
103
-65%
Management of Finances
38
106
-64%
Technology Design
39
142
-73%
Some of the largest gains came from highly technical or analytical tasks. For example, troubleshooting saw a 76% reduction in time, while critical thinking, programming, and technology design all showed over 70% time savings with generative AI.
Interestingly, even human-centric tasks—such as instructing, judgment and decision-making, and management of personnel—benefited from AI tools, with time reductions ranging from 60–70%.
Accelerating Work With AI
While AI is often framed as a replacement for human labor, this data shows that human workers empowered by AI can do the same tasks far more efficiently.
Writing, for example, dropped from an average of 80 minutes to just 25 minutes with generative AI. For complex cognitive functions like mathematics, systems analysis, and operations, AI reduced the time taken to complete tasks by over an hour.
Furthermore, AI adoption is increasing rapidly. According to the survey, LLM adoption at work for respondents aged 18 or older increased from 30% in December 2024 to over 43% as of March/April 2025.
If this trajectory continues, AI-driven productivity gains could scale from individual tasks to entire organizations, and potentially reshaping broader economic outcomes.
AI is transforming how we work and live online, but which companies are leading this new era of technology? Find out in this infographic on Voronoi, the new app from Visual Capitalist.
A federal judge on July 1 ordered officials to stop the overhaul of the Department of Health and Human Services (HHS), finding that the layoffs enacted in April likely ran counter to federal law.
“With respect to the merits, the Court concludes the States have shown a likelihood of success on their claims that the HHS’s action was both arbitrary and capricious as well as contrary to law,” U.S. District Judge Melissa DuBose wrote in a 58-page ruling that granted a motion from states including New York for a preliminary injunction against HHS.
HHS Secretary Robert F. Kennedy Jr. in March announced a major overhaul of the agency, including the planned terminations of some 10,000 workers and the reorganization of various divisions. Workers were terminated in April.
Nineteen states and Washington sued HHS in May, alleging the overhaul violates federal law and the U.S. Constitution.
They said in a motion for a preliminary injunction, or a court-ordered halt to the overhaul while the legal case proceeds, that Kennedy’s March announcement was arbitrary and capricious. Under the Administrative Procedure Act, judges can halt decisions they find are “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.”
The directive was “arbitrary and capricious because Defendants’ purported justifications for the Directive are conclusory and unsupported by any evidence,” the states said.
Kennedy said the overhaul was happening in part to streamline the agency to make it more efficient and effective.
“But there is nothing that connects Defendants’ sweeping actions to these wholly conclusory statements,” the states said. “Defendants do not explain, for example, how the March 27 Directive will make HHS more ’responsive.‘ Nor do they cite anything to suggest that mass layoffs will make the agency more ’efficient.’”
In their response to the motion, government officials said that the Administrative Procedure Act claims suffered from deficiencies, including overlooking “the cost-saving value of actions like consolidating redundant departments.”
DuBose, the judge, said that she reviewed the March directive and testimony delivered by Kennedy on the matter and did not find “a reasoned explanation” for the overhaul.
“Instead of undertaking an intentional and thoughtful process for weighing the benefits and drawbacks of implementing the sweeping policy change, the Defendants hastily restructured the sub-agencies and issued [mass layoff] notices,” she said. “The Defendants have failed to demonstrate how the workforce terminations and restructurings made the subagencies more efficient, saved taxpayer dollars, or aligned with HHS’s priority of ‘ending America’s epidemic of chronic illness, by focusing on safe, wholesome food, clean water, and the elimination of environmental toxins.’”
The judge ordered HHS to stop taking any action to implement the mass layoffs and restructuring announced by Kennedy.
She said the government must file a status report on or before July 11 at 5 p.m. apprising her of how officials are complying with the order.
She also requested the parties to address how, if at all, a recent Supreme Court ruling that restrains how judges can issue nationwide injunctions against presidential policies affects the case.
A separate judge in May blocked the overhaul of HHS and some other agencies. That temporary restraining order was later converted to a preliminary injunction.
The Trump administration has asked the Supreme Court to intervene in that case. Justices have not yet ruled in the matter.
Iraq exported nearly 7 million barrels of crude to the U.S. in May, surpassing all other OPEC members.
The surge in Iraqi shipments meets U.S. demand for heavier Middle Eastern crude grades amid OPEC+ output cuts.
Rising oil exports provide vital fiscal support for Iraq, where crude sales generate about 90% of government revenue.
OPEC’s second-largest producer, Iraq, was the single biggest supplier of crude from the cartel to the United States in May, per data from the U.S. Energy Information Administration (EIA) cited by Iraqi media outlets Shafaq News and IraqiNews.
Iraq ranked first among the 12 OPEC producers in terms of exports to the United States in May. Shipments totaled nearly 7 million barrels of crude, 6.95 million barrels to be precise.
The second-largest OPEC supplier to the U.S. was Nigeria with 6.803 million barrels of crude oil exports, followed by Saudi Arabia with 6.208 million barrels of crude.
Iraq has boosted exports in recent years, including to the United States, as it hasn’t adhered to its supply quota under the OPEC+ agreements.
Iraq, Kazakhstan, and Russia have been overproducing above targets for years.
But in May, Iraq cut its crude oil production by 50,000 barrels per day (bpd) to 3.93 million bpd, compared to its target of 4.049 million bpd, according to the latest OPEC data from secondary sources.
Iraq is compensating for previous overproduction as it has been one of the main overproducers in the OPEC+ deal for years, alongside Kazakhstan and Russia, non-OPEC members of the OPEC+ pact.
Last month, estimates put Iraq’s crude oil exports to the United States surging past 5 million barrels in May, marking Baghdad’s highest monthly volume to U.S. refiners so far this year.
The surge reflects sustained U.S. appetite for heavier Middle Eastern grades, with Iraqi crude averaging between 160,000 bpd and 190,000 bpd in May.
As OPEC+ maintains voluntary output curbs and U.S. shale growth moderates, Iraq has solidified its position among Washington’s top five crude suppliers.
Iraq’s export increase also provides critical fiscal relief for Baghdad, with crude sales accounting for roughly 90% of Iraq’s state revenue.
Recent price support near $80 per barrel has further underpinned Iraq’s monthly revenues, helping finance public sector wages and infrastructure projects.
It’s not every day an active HHS Secretary sits down for 90 minutes straight with Tucker Carlson.
But that’s exactly what happened, and Kennedy instantly seized Carlson’s attention with a chilling story of CDC corruption.
He revealed that the health agency buried a 1999 internal study led by researcher Thomas Verstraten, which showed an alarming 1135% increase in autism risk from the hepatitis B vaccine.
Kennedy said the researchers were “shocked” by the findings.
So what did they do? They covered it up, according to Kennedy.
“They got rid of all the older children essentially and just had younger children who are too young to be diagnosed [with autism].”
It’s not every day an active HHS Secretary sits down for 90 minutes straight with Tucker Carlson.
But that’s exactly what happened, and Kennedy instantly seized Carlson’s attention with a chilling story of CDC corruption.
RFK Jr. then explained the real reason why your pediatrician will kick you out of their practice for refusing vaccines.
“There’s a published article out there now that says that 50% of revenues to most pediatricians come from vaccines.”
It’s all about the money. The higher the vaccination rate, the bigger the bonus.
“And that’s why your pediatrician, if you say I want to go slow on the vaccines… will throw you out of his practice because you’re now jeopardizing that bonus structure.”
RFK Jr. then explained the real reason why your pediatrician will kick you out of their practice for refusing vaccines.
“There’s a published article out there now that says that 50% of revenues to most pediatricians come from vaccines.”
To the claim that the vaccine–autism link has been “debunked,” Kennedy had a message for Anderson Cooper, Jake Tapper, and everyone who smugly insists on it.
“None of the vaccines given to children in the first six months of life have ever been studied for autism.”
Let that sink in.
He went further, revealing that the CDC actually did find a link when they studied the DTaP vaccine.
But they dismissed it. Kennedy said they claimed it “didn’t count” because the data came from VAERS—the very system they use to track vaccine injuries.
So when the evidence pointed to harm, they simply claimed their own system wasn’t reliable enough and took no steps to fix it.
To the claim that the vaccine–autism link has been “debunked,” Kennedy had a message for Anderson Cooper, Jake Tapper, and everyone who smugly insists on it.
“None of the vaccines given to children in the first six months of life have ever been studied for autism.”
The vaccine corruption didn’t end there. Kennedy attested that the CDC killed off a vaccine injury reporting system that actually worked—because it worked too well.
It showed that 1 in 37 vaccines caused an injury.
Tucker was stunned.
“Of all vaccines?” he asked.
“Yeah,” Kennedy confirmed.
The vaccine corruption didn’t end there.
Kennedy attested that the CDC killed off a vaccine injury reporting system that actually worked—because it worked too well.
So what did the CDC do? They shut it down in 2010. And they’re still using VAERS today—even though it’s a completely inadequate system.
But Kennedy didn’t stop at old vaccine scandals. He also broke down Pfizer’s own COVID vaccine trial data. That trial showed a 23% higher death rate in the vaccinated group.
Pfizer gave 21,720 people the vaccine and 21,728 the placebo.
One vaccinated person died of COVID. Two placebo recipients died. They used this tiny difference to claim “100% effective” based on relative risk reduction.
But in absolute terms, it took 22,000 vaccinations to save one life.
Over six months, 21 vaccinated participants died of all causes, compared to 17 in the placebo group—a 23.5% higher death rate.
But Kennedy didn’t stop at old vaccine scandals. He also broke down Pfizer’s own COVID vaccine trial data. That trial showed a 23% higher death rate in the vaccinated group.
• Pfizer gave 21,720 people the vaccine and 21,728 the placebo.
And then there’s vaccine spokesperson Paul Offit, often seen on CNN and other mainstream networks.
Kennedy shared an infuriating story about how he literally “voted himself rich” on the rotavirus vaccine.
While serving on the CDC’s ACIP committee, Offit voted to add rotavirus vaccination to the childhood schedule—even as he was developing his own competing vaccine. He guaranteed demand for his product.
The first approved rotavirus vaccine, RotaShield, was yanked from the market for causing dangerous intussusception. Offit’s vaccine, RotaTeq, eventually replaced it.
He and his partners later sold their rights to Merck for $186 million. As RFK Jr. said, Offit literally “voted himself rich.”
And then there’s vaccine spokesperson Paul Offit, often seen on CNN and other mainstream networks.
Kennedy shared an infuriating story about how he literally “voted himself rich” on the rotavirus vaccine.
When Carlson mentioned Fauci, Kennedy revealed how Fauci funded research that helped scientists hide evidence of lab-made viruses.
The technique, called “seamless ligation,” allowed researchers to engineer viruses in a lab without leaving telltale genetic fingerprints.
RFK Jr. explained:
“One of his fundees, Ralph Baric, from the University of North Carolina, developed a technique called the seamless ligation technique, which is a technique for hiding the laboratory origins of a manipulated virus.”
“… normally if there’s a virus manipulated, researchers can look at the DNA sequences and they can say this thing was created in a lab. Ralph Baric had developed a technique that he called the no-see technique and its technical name was seamless ligation, and it was a way of hiding evidence of human tampering.”
He called it the exact opposite of what real public health work should be. Carlson cut in, saying, “That’s what you would do if you’re creating viruses for biological warfare.”
When Carlson mentioned Fauci, Kennedy revealed how Fauci funded research that helped scientists hide evidence of lab-made viruses.
The technique, called “seamless ligation,” allowed researchers to engineer viruses in a lab without leaving telltale genetic fingerprints.
The conversation shifted to Trump, leading to one of the biggest highlights of the entire interview.
First, Kennedy explained that Trump chose his cabinet in an unorthodox way: he wanted to see three clips of each candidate performing on TV before considering them for the job.
“One of the things with President Trump is that he really knows how to pick talent… For every one of the positions that he picked, he wanted to see three clips of them performing on TV. He’s very conscious of the fact that these people are going to be out selling his program to the public,” Kennedy said.
That’s when Kennedy ended the interview with a bang, sharing his genuine thoughts about Trump for three straight minutes. It was one of the standout moments of the entire conversation.
If you’re on the fence about Trump, listen to Kennedy here. It might just change how you see him.
“I had him pegged as a narcissist, when narcissists are incapable of empathy. And he’s one of the most empathetic people that I’ve met,” Kennedy said.
The conversation shifted to Trump, leading to one of the biggest highlights of the entire interview.
First, Kennedy explained that Trump chose his cabinet in an unorthodox way: he wanted to see three clips of each candidate performing on TV before considering them for the job.… pic.twitter.com/aPWzwauVrl
“He’s immensely curious, inquisitive, and immensely knowledgeable. He’s encyclopedic in certain areas that you wouldn’t expect,” he continued.
Kennedy added that Trump genuinely cares about soldiers who go to war, citing how Trump “always talks about the casualties on both sides” of the Russia–Ukraine conflict.
“Whether it’s vaccines or Medicaid or Medicare, he’s always thinking about how this impacts the little guy. And the Democrats have him pegged as a guy who’s sort of sitting in the Cabinet meeting talking about how can we make billionaires richer. He’s the opposite of that. He’s a genuine populist,” Kennedy said.
Here’s the clip. Trust me, watching this is better than reading it.
That’s when Kennedy ended the interview with a bang, sharing his genuine thoughts about Trump for three straight minutes. It was one of the standout moments of the entire conversation.
If you’re on the fence about Trump, listen to Kennedy here. It might just change how you see… pic.twitter.com/CS0RItpUC4
There’s so much more in this conversation, and it might change the way you think about vaccines forever. For the full picture, watch the entire interview below.
Elon Musk’s artificial intelligence firm xAI secured $10 billion in fresh capital, doubling down on its challenge to OpenAI as the race to dominate the AI landscape intensifies. The funds were evenly split between secured debt and strategic equity investments.
The influx gives xAI more resources to expand its Memphis-based Colossus supercomputer and train its Grok chatbot, CNBC reported Tuesday, citing Morgan Stanley.
The funding round was reportedly oversubscribed, with major investors vying for stakes in Musk’s AI vision.
In March, Musk sold his social media platform X to xAI, integrating Grok directly into the platform. The deal valued xAI at $80 billion and X at $33 billion, deducting $12 billion of debt from the $45 billion valuation. He originally bought X, formerly Twitter, for about $44 billion in April 2022.
Musk has called Grok a “maximally truth-seeking” AI that is also “anti-woke,” in a bid to set it apart from its rivals.
Musk’s feud with Trump flares up again
The recent raise comes as Musk’s feud with US President Donald Trump has reignited.
On Tuesday, Trump lashed out at Musk on Truth Social, claiming he owes his success to government subsidies and suggesting the federal Department of Government Efficiency (DOGE) should investigate Musk’s businesses to cut costs.
“No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!” Trump wrote.
Musk fired back on X, declaring, “I am literally saying CUT IT ALL. Now,” distancing himself from reliance on federal support. Their spat over government spending has rattled markets before, with Tesla losing $150 billion in value during a clash in June.
The renewed hostilities come as Musk has ramped up his political commentary, warning lawmakers who supported the recent spending bill of potential primary challenges and calling for a new party to counter what he sees as runaway government excess.
Lummis pushes for crypto tax relief
Meanwhile, Senator Cynthia Lummis has introduced an amendment to Trump’s tax and spending bill aimed at ending what she calls “unfair tax treatment” for crypto users.
The proposal would waive taxes on digital asset transactions under $300, with a $5,000 annual cap, and delay taxes on crypto earned through mining, staking or airdrops until the assets are sold. It would also apply the 30-day wash sale rule to crypto, limiting quick tax-loss strategies.
Earlier, the Senate rejected a Democrat-sponsored amendment that sought to ban government officials and their families from owning or promoting cryptocurrencies, including memecoins and NFTs, for up to a year after leaving office.
Takeover Begins: Robots Set To Outnumber Humans At Amazon Warehouses
Amazon hasn’t set a public date for fully replacing warehouse workers with robots, but all indicators suggest a gradual transition is well underway, with significant workforce reductions likely, alongside productivity gains driven by automation and AI through the 2030s.
The Wall Street Journal reported that Amazon, the nation’s second-largest private employer in the U.S., is quickly approaching a new milestone in warehouse automation: “There will soon be as many robots as humans.” This equates to over a million robots.
Roughly 75% of Amazon’s deliveries are now assisted by robotic systems, which perform tasks such as picking, sorting, packaging, and moving items. The rapid integration of robots, such as the advanced Vulcan, marks a significant step toward full automation for fulfillment centers.
“They’re one step closer to that realization of the full integration of robotics,” said Rueben Scriven, research manager at Interact Analysis, a robotics consulting firm.
The onboarding of automation has slowed Amazon’s hiring. The average number of employees per facility has dropped to a 16-year low, and Amazon plans to reduce its total workforce in the coming years.
Meanwhile, the number of packages that Amazon ships per employee has soared from 175 in 2015 to approximately 3,870 in recent months, indicating that automation has significantly supercharged the company’s productivity gains.
Amazon Chief Executive Andy Jassy said recently that AI will be integrated at fulfillment centers “to improve inventory placement, demand forecasting, and the efficiency of our robots.”
“We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,” Jassy said in a memo to employees last month. “It’s hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce.”
All signs suggest Amazon has reached its employment peak.
To all the Amazon workers pushing to unionize—remember, the robots are coming for your jobs. This trend is accelerating and will persist through the 2030s. For a clearer picture of how many jobs AI will displace, see this 2023 Goldman report.
Homeland Security Secretary Kristi Noem said Monday that “ICEBlock,” an app designed to alert individuals of immigration enforcement operations, appeared to constitute obstruction of justice.
“This sure looks like obstruction of justice,” Noem wrote on X, responding to a CNN segment about the controversial app.
She also warned that the app threatens the safety of ICE agents by putting a target on their backs.
“Our brave ICE law enforcement face a 500% increase in assaults against them,” she said.
“If you obstruct or assault our law enforcement, we will hunt you down and you will be prosecuted to the fullest extent of the law.”
This sure looks like obstruction of justice. Our brave ICE law enforcement face a 500% increase in assaults against them.
If you obstruct or assault our law enforcement, we will hunt you down and you will be prosecuted to the fullest extent of the law. pic.twitter.com/4ZcfrpyRV1
Noem’s comments followed a CNN story on tech developer Joshua Aaron, who created ICEBlock to push back against President Donald Trump’s ICE raids across the country.
ICEBlock works by encouraging users to report suspected ICE sightings and broadcasts alerts to others nearby.
The app now has more than 20,000 users.
“When I saw what was happening in this country, I wanted to do something to fight back,” Aaron told CNN, before comparing ICE raids to operations similar of Nazi Germany. “We’re literally watching history repeat itself.”
According to Aaron, the app does not collect personal data and allows users to report ICE sightings anonymously.
“We don’t want anything being discoverable. And so, this is 100% anonymous and free for anybody who wants to use it.”
During Monday afternoon’s White House press briefing, Press Secretary Karoline Leavitt ripped CNN for what had seemed to her like “unacceptable” behavior by “a major network” in “promot[ing]” the app…
“…surely it sounds like this would be an incitement of further violence against our ICE officers. As you know — as you stated, there has been a 500% increase in violence against ICE agents, law enforcement oficcers across the country who are just simply trying to do their job and remove public safety threats from our communities. And that’s something we, as Americans, including journalists at CNN, who live in many of these cities where illegal aliens are hiding and were let in from the previous administration, should be very grateful for. So, we haven’t seen the clip. We’ll take a look at it, but certainly it’s unacceptable that a major network would promote such an app that is encouraging violence against law enforcement officers who are trying to keep our country safe.”
Attorneys are urging a federal judge in Maryland to use an alternative legal mechanism for granting a sweeping block on President Donald Trump’s birthright citizenship order after the Supreme Court ruled against the use of nationwide injunctions.
A conference on June 30 marked the first set of public arguments in which attorneys and a judge attempted to wrestle with the implications of the Supreme Court’s decision just three days prior. Although the Supreme Court said nationwide injunctions were likely inconsistent with judges’ authority, it allowed plaintiffs like the ones in Maryland to pursue broad relief through class actions.
Class actions generally entail judges allowing a plaintiff to represent a larger group of people—otherwise known as a class—and seek relief, such as injunctions, for that class. Quickly after the Supreme Court’s June 27 opinion, attorneys for immigrant organizations and pregnant women asked the federal court in Maryland to recognize a class of people that was made up of people who would be ineligible for birthright citizenship as a consequence of Trump’s order.
During the June 30 conference, U.S. District Judge Deborah Boardman repeatedly asked the administration whether it thought it could deport recently born babies of illegal immigrant parents. Justice Department attorney Brad Rosenberg said it was his understanding that the government couldn’t do that until 30 days after the Supreme Court’s decision.
That’s because Justice Amy Coney Barrett, who penned the majority opinion, said that she was halting the lower court injunctions on the president’s birthright order but would still grant a 30-day delay for the most important section to take effect.
Rosenberg told Boardman that he was very confident in his understanding of the 30-day limit on deportations, but she required him to submit something in writing the following day. How the government responds, she said, will bear on how she proceeds with another potential block.
Granting that request could raise additional questions about the Supreme Court’s decision and how plaintiffs in other cases can seek to block the administration’s policies. Rosenberg laid out several potential issues with the judge certifying the class plaintiffs had requested.
He also referenced Justice Samuel Alito’s concurring opinion, which was joined by Justice Clarence Thomas and directed courts to “scrupulous[ly]” adhere to the federal rules around class certification. It also warned that universal injunctions would “return from the grave” if judges refused to abide by those safeguards.
William Powell, one of the plaintiffs’ attorneys, told Boardman that Alito’s opinion was joined by only one other justice. Boardman could grant relief for the proposed class without first certifying it, Powell suggested. He pointed to the Supreme Court’s recent decision to tentatively block Trump’s deportations under the Alien Enemies Act.
Even though a district court had not certified a class of potential deportees, a majority of the Supreme Court appeared to block deportations for that putative class. That decision saw a critical dissent from Alito, who was joined by Thomas then as well.
At one point on June 30, Rosenberg argued that Boardman lacked jurisdiction to effectively replace her prior nationwide injunction with another block. That’s because the case had already been transferred to the U.S. Court of Appeals for the Fourth Circuit, which had jurisdiction over the substance of her initial injunction. Boardman appeared unpersuaded, ordering expedited briefing and saying she was converting the plaintiffs’ request for a temporary restraining order into one for a preliminary injunction, which is more permanent.
There appeared to be some disagreement over what exactly the Supreme Court did in its June 27 decision. Barrett’s opinion temporarily halted the section of Trump’s order that establishes a policy of departments and agencies not issuing documents that recognize citizenship for certain people, including children whose parents were both illegal immigrants.
Another aspect of her opinion allowed the executive branch to follow Trump’s order to the extent that they would develop and issue public guidance on the government’s plan for implementation. That appeared to be a reference to Section 3 of Trump’s order, which directs agencies to issue guidance, among other things.
Powell expressed concern about a portion of that section that directs the secretary of state, attorney general, secretary of homeland security, and commissioner of social security to ensure their policies were consistent with the order. That portion, combined with a section expressing Trump’s view about the limitations of birthright citizenship, might lead to some kind of adverse enforcement for people like the plaintiffs, Powell suggested.
This case—known as CASA Inc. v. Donald Trump—is just one of several that resulted in nationwide injunctions on Trump’s policy.
The Supreme Court’s decision on June 27 did not say whether Trump’s policy was unconstitutional but instead focused on the legality of nationwide injunctions. It also left some wiggle room for lower courts to adjust their orders while not making it entirely clear whether injunctions in cases brought by state governments would lose their nationwide scope altogether.
Boardman asked both sides on June 30 how one of those nationwide injunctions, which was issued by a judge in Massachusetts, would impact the plaintiffs in Maryland. Rosenberg told her that injunction may end up being narrowed. Powell similarly indicated the injunction could be narrowed and that the plaintiffs should receive immediate relief.
Stablecoin issuer Circle has applied to establish a national trust bank in the United States that, among other duties, would oversee the firm’s USDC reserve on behalf of its US issuer.
If the application is approved by the US Office of the Comptroller of the Currency (OCC), Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution, Circle said in a statement on Monday.
Circles Digital Bank also hopes to strengthen the infrastructure that “supports the issuance and circulation” of USDC and offer digital asset custody services to institutional customers, the stablecoin issuer added.
National Trust Banks can’t accept cash deposits or issue loans. However, they can offer custodial services and operate nationally under the oversight of the OCC, rather than having to apply for individual state-based money transmitter licenses or specific digital currency licenses, according to law firm Dave Wright Tremaine.
GENIUS Act compliance
Circle said a federally regulated trust charter would also help it meet requirements under the proposed GENIUS Act, which passed the US Senate on June 17 and moved to the House of Representatives, where it will face another vote before possibly becoming law.
Circle co-founder and CEO Jeremy Allaire said Circle is taking “proactive steps to further strengthen our USDC infrastructure” and “align with emerging US regulation for the issuance and operation of dollar-denominated payment stablecoins.”
National Trust Bank applications to the OCC are subject to a 30-day comment period, and the regulator usually decides to approve or reject within 120 days after receipt of a complete application.
Other crypto firms also eye bank charters
Circle isn’t the only crypto firm hoping to create a national trust bank under the oversight of the OCC.
Eleanor Terrett, the host of the Crypto in America podcast, said in an X post on Monday that there are several other crypto firms, including the digital currency wing of financial services giant Fidelity, that are applying for a national bank charter license from the OCC.
Circle has been considering a bank charter since at least 2022 and was also named in The Wall Street Journal report on April 21 as one of several crypto firms considering applying for a bank charter or license.
Circle Internet Group (CRCL) shares have traded flat in the last trading session, rising 0.48% to $181, Google Finance data shows. In after-hours trading, the stock dropped 1.30% to $178.
Circle’s share price was flat during the last trading session.
After going public, Circle stock made a strong entry into the market on June 5, climbing 167% during its first trading session on the New York Stock Exchange.
It now heads back to the House, where it will first go to a Conference Committee and then the full house.
Speaker Mike Johnson says he thinks it will be finished by July 4.
* * *
After more than 21 hours of continuous voting, late-night negotiations, and a rare floor appearance by Vice President J.D. Vance, Senate Republicans remained mired in division early Tuesday over President Donald J. Trump’s $3.3 trillion tax and spending proposal, raising fresh doubts about the survival of his signature legislative priority.
At the center of the impasse is Senate Majority Leader John Thune of South Dakota, who has struggled to unite a fractured GOP conference around the sprawling bill. dubbed by Trump as the “One Big Beautiful Bill” – which includes sweeping tax cuts, a $5 trillion debt ceiling increase, significant Medicaid reductions, and a rollback of clean energy subsidies.
Currently, eight major Republican holdouts remain opposed or undecided. With only a razor-thin margin for defections, Thune can afford to lose just three votes. Senators Rand Paul of Kentucky and Thom Tillis of North Carolina have declared their opposition, and Maine’s Susan Collins is leaning no. That leaves Sen. Lisa Murkowski of Alaska — a perennial swing vote — as the potential deciding factor. Thune and Senate Finance Chair Mike Crapo (R-ID) spent the early morning hours huddling with Murkowski, offering compromises and tweaks to the bill in hopes of flipping her vote.
“I think we’re going to get there,” Trump told reporters as he departed the White House Tuesday morning. “It’s tough. We’re trying to bring it down, bring it down so it’s really good for the country.”
But that optimism was not yet matched on the Senate floor, where votes on dozens of amendments continued into a second day. A visibly weary Thune said shortly after 5 a.m., “We’re getting to the end here,” though it remained unclear whether he had secured the votes.
Both Thune and Sen. Markwayne Mullin (R-OK) insist there’s a deal to pass the bill, but we shall see…
BREAKING: Sen. Markwayne Mullin (R-OK) says Republicans have the votes to pass the One Big Beautiful Bill in the U.S. Senate, according to Fox News.
Tensions Boil Over on Medicaid, SNAP, and Debt Ceiling
Murkowski’s objections stem largely from the bill’s steep cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which could hit Alaska’s vulnerable populations particularly hard. Efforts to carve out protections for the state were dealt a blow when Senate Parliamentarian Elizabeth MacDonough ruled key provisions in violation of the Byrd Rule, which restricts what can be included in budget reconciliation bills.
Negotiators scrambled to rewrite the language. A compromise on delaying SNAP cuts based on Alaska’s progress in improving administrative error rates appeared to gain traction. But language aimed at providing Alaska with an enhanced Medicaid funding match had not yet cleared MacDonough’s scrutiny by early Tuesday.
Meanwhile, Paul has proposed replacing the $5 trillion debt ceiling hike with a far smaller $500 billion increase — a move he argues would preserve leverage for deeper cuts in a follow-up reconciliation bill. But most Republicans see the idea as a nonstarter. “I don’t want anything,” Paul said when asked if he could be persuaded to support the package in exchange for concessions.
A Late-Night Drama on the Floor
Just before dawn, Murkowski was seen shaking her head repeatedly during an intense discussion with Thune, Crapo, and fellow Alaskan Sen. Dan Sullivan, Punchbowl News reports. At one point, she and Thune left the chamber to confer privately in his office. Though Thune called it “just chatting,” it was clear that GOP leaders were pulling out all the stops to secure her vote.
The ongoing drama frustrated even Democrats. “There’s still no text,” one exasperated Democratic senator told The Hill. “Have you seen what’s going on, on the floor, I’ve never seen anything like that,” the lawmaker continued. Meanwhile Senate Majority Leader Chuck Schumer (D-N.Y.) accused Republicans of “slow-walking” the bill to buy time for internal negotiations. “They’ve made a lot of promises, contradictory promises to different parts of their caucus,” Schumer said on MSNBC.
Amid the floor chaos, senators did pass a bipartisan amendment, 99 to 1, to strike language in the bill that would have barred states from regulating artificial intelligence for a decade in a blow to Sen. Ted Cruz (R-TX). The language was removed over concerns about consumer and child safety raised by Sen. Marsha Blackburn (R-TN) and Sen. Maria Cantwell (D-WA).
Other proposed amendments, however, failed. Collins’ bid to double the bill’s rural hospital relief fund to $50 billion – funded by restoring the top marginal tax rate for ultra-high earners, was rejected by a wide margin. A conservative amendment to roll back Medicaid expansion under the Affordable Care Act has yet to receive a vote but threatens to split the conference further: if it fails, hardliners like Ron Johnson (R-WI), Mike Lee (R-UT), and Rick Scott (R-FL) may walk away. If it passes, moderates like Murkowski and Collins could defect.
Ron Wyden, the top Democrat on the Senate Finance Committee, equated Collins’ amendment to “a band aid on an amputation.” Her amendment would have increased the top tax rate on individuals earning more than $25 million in a year to 39.6%. –Bloomberg
Sen. Joni Ernst (R-IA), joined by Murkowski, has been circulating an amendment to soften the bill’s rollback of clean energy incentives. The Ernst amendment would delay the expiration of wind and solar credits, and remove a new excise tax on projects using components from China and other foreign adversaries. Fiscal hawks oppose the change, arguing it waters down promised savings.
And then we go back to the House…
Even if the Senate manages to pass the bill, trouble awaits in the House. Speaker Mike Johnson (R-LA) is under pressure from both moderates and Freedom Caucus hardliners, many of whom are dissatisfied with the Senate’s deeper Medicaid cuts and smaller spending offsets.
Part of the calculus is to strip language that could threaten the bill’s odds in the House, which is planning to vote on the Senate measure later this week. The House’s own version of the bill passed by a single vote.
The Senate’s deeper Medicaid cuts — which caused Tillis to defect — will put pressure on swing-district Republicans, while Freedom Caucus hardliners are angry that the Senate bill would create larger deficits than the House-passed measure. -Bloomberg
“This bill doesn’t deliver what we promised,” Rep. Nick LaLota (R-NY) said, citing insufficient relief on the state and local tax (SALT) deduction. LaLota supported the House version but has vowed to oppose the Senate’s.
Behind the scenes, Johnson has been urging Senate Republicans to use a “wraparound” amendment – a final catch-all tweak to the bill, to restore some House provisions, including provider tax language and SNAP reforms. But expectations of a major rewrite at the eleventh hour are slim.
“I have prevailed upon my Senate colleagues to please, please, please put it as close to the House product as possible,” Johnson said Monday. But few on Capitol Hill took that hope seriously.
In short, it’s still a shit show even if Thune and Mullin claim otherwise… for now.
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