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Trump Eyes Crypto Law by August
Nvidia Sends 18,000 Chips to Saudi and eToro Soars 29% on IPO Debut
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CRYPTO
Trump Eyes Crypto Law by August
Despite recent challenges, President Donald Trump is expected to sign stablecoin and market structure legislation before Congress’s August recess, according to Bo Hines, executive director of the President’s Council of Advisers on Digital Assets. Speaking at Consensus 2025 in Toronto, Hines said negotiations are ongoing but emphasized the administration's commitment. “The President wants to get this done,” he stated, expressing confidence in reaching a deal in time.
Hines also addressed concerns about Trump’s involvement in crypto, saying the president’s family has a right to participate in private markets and that no conflicts of interest exist. “Good businesspeople should be looking at digital assets,” he noted.
He added that the U.S. aims to lead globally in digital asset innovation amid broader trade negotiations. Responding to questions about TRUMP coins, Hines firmly stated, “The president of the United States can’t be bought.” He also confirmed ongoing efforts to develop a strategic Bitcoin reserve.
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TECH
Nvidia Sends 18,000 Chips to Saudi
Nvidia is sending 18,000 of its most powerful Blackwell AI chips to Saudi Arabia’s newly launched AI startup, Humain—marking a major tech alliance between the U.S. and the Middle East. Announced at the Saudi-U.S. Investment Forum, the deal positions Saudi Arabia ahead of China in the global AI race, according to Wedbush analyst Dan Ives, who called it a “watershed moment” in AI history.
Humain, backed by Saudi Crown Prince Mohammed bin Salman, also signed a $10 billion agreement with AMD and formed partnerships with Amazon and Cisco. The Biden-era AI export restrictions are being lifted, with the Trump administration embracing broader cooperation with allied nations.
While Nvidia will continue prioritizing U.S. clients like Alphabet and Amazon, Saudi Arabia will now receive favorable treatment over most other countries. In contrast, China has been limited to lower-tier Nvidia chips like the H20, prompting Ives to call China “the big loser” in this shift.
FINANCE
eToro Soars 29% on IPO Debut
eToro shares surged 29% on their first day of trading Wednesday, closing at $67 after pricing its IPO at a stronger-than-expected $52. The stock opened at $69.69 and reached a high of $74.28 before settling, giving eToro a market valuation of $6.6 billion. The company raised $620 million by selling 11.92 million shares, up from the initially planned 10 million, signaling strong investor demand and boosting confidence in a sluggish IPO market.
Founded in 2007, eToro offers a social trading platform for assets like stocks and crypto, drawing comparisons to Robinhood. Its successful debut is seen as a positive sign for other companies considering public offerings, such as Chime Financial and Circle Internet, both of which recently filed for IPOs.
eToro’s strong performance comes as IPO markets are recovering from a long freeze—only a small fraction of 2021’s IPOs still trade above their offer prices, highlighting eToro’s standout entry.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.