It’s Tuesday, July 15. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Today: Christopher Rufo on how to stop universities’ serial abuse of American taxpayers. Chris Cuomo refuses to drop out. What dead birds have to do with the death of Europe. And much more.
But first: Crypto legislation could deliver a new era of financial freedom.
The price of Bitcoin keeps hitting one record high after another—topping $120,000 on Monday—but the price isn’t what makes this a momentous week in the history of crypto. The big news is that Congress is on the verge of passing broad legislation that deals exclusively with crypto. Even more remarkable is that the federal government is looking for ways to support, not outlaw, the technology.
The invention of Bitcoin in 2009 gave birth to a new era of financial freedom in this country. But its libertarian ethos has often been overshadowed by what seems like a never-ending cycle of booms and busts, scandals and arrests, and crypto heroes and villains. President Trump’s political foes love pointing out that his zeal for crypto coincides with his family’s deepening involvement in the industry.
Yet cryptocurrency is an issue on which Trump has governed exactly as he said he would, writes Max Raskin, who has been involved with cryptocurrencies since 2010. The three pieces of legislation that Congress is expected to pass aren’t perfect, but they will allow the market to begin building a structure around the core idea of money belonging to the individual and not the state.
Some people will never stop seeing cryptocurrency as a quirky fad, like Beanie Babies or a glorified Ponzi scheme. But for the 65 million Americans who own crypto, its political and economic legitimacy is arriving at last.
—The Editors
Why Young People Are Voting to Burn It All Down
How did 62 percent of Americans between the ages of 18 and 29 come to hold a “favorable view” of socialism? And is Zohran Mamdani the left’s answer to Trump? Free Press columnist Tyler Cowen and Gen Z economics guru Kyla Scanlon break down the viral populism reshaping the future of the American left.
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At a private Democratic National Committee fundraiser on Friday night, Barack Obama urged fellow Democrats to “toughen up.” In remarks to party donors, the former president said defeating Trump would take “less navel-gazing and a little less whining and being in fetal positions.”
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The Supreme Court ruled that the Trump administration can fire nearly 1,400 Department of Education employees, effectively allowing the White House to dismantle the agency. In a dissenting opinion, Justice Sonia Sotomayor argued that only Congress has the authority to abolish the department.
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A fire at a nursing home in Fall River, Massachusetts, killed at least nine people Sunday night. Around 50 firefighters responded to the scene at 10 p.m., and five were injured while working to rescue residents and contain the blaze, according to state officials.
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Representative Marie Gluesenkamp Perez of Washington is calling for the Congressional ethics office to implement mental fitness standards for lawmakers. “What I’ve heard from my neighbors, my community, is that this place is being run by a bunch of staffers,” she told Axios, citing public concern over aging leadership.
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A federal appeals court blocked a new “Click to Cancel” rule that would have required companies to let customers cancel subscriptions as easily as they sign up. But the “Click to Cancel” fight isn’t over—Senator Ruben Gallego (D-AZ) introduced legislation Thursday to make the rule law.
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Former president Joe Biden defended his use of the autopen to sign off on pardons and clemency, telling The New York Times that he gave verbal authorization for each decision. “I consciously made all those decisions,” he said.
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President Donald Trump threatened increased tariffs on Russia yesterday if a peace deal with Ukraine does not materialize within 50 days. The trade threat came on the same day that Trump and NATO reached a deal to send new weapons worth about $10 billion to Ukraine this week, according to The Wall Street Journal.
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