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Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant
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Good morning, CFOs. The crypto world is experiencing a MAGA takeover; Walt Disney Co. is laying off hundreds of people; plus, Jamie Dimon doesn’t plan to retire anytime soon.
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Artwork advertising Trump's memecoin. PHOTO: ROGER KISBY FOR WSJ
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The cryptocurrency world was once the province of libertarians who kept their distance from the government. These days, it is in the midst of an all-out MAGA takeover.
Take the scene at the industry’s flagship event in Las Vegas last week. Star speakers at the Bitcoin Conference included a parade of Trump officials and Washington allies. Crypto boosters including billionaire bitcoin evangelist Michael Saylor got a private audience with Vice President JD Vance to push their favored policies.
The industry, a realm of outsiders who have long clamored for legitimacy, has never had a friendlier U.S. regime in power. President Trump raised millions from crypto executives and is delivering a lot of what the industry craved, dropping Biden-era lawsuits against crypto companies and backing legislation to bring digital tokens into the financial mainstream.
Crypto’s comeback wasn’t a given. Things looked promising a few years ago when entrepreneur Sam Bankman-Fried, schlubby attire notwithstanding, turned the exchange FTX into a phenomenon worthy of naming rights for a Miami arena and a Super Bowl ad starring Larry David. That gave way to the scandalous FTX collapse in 2022, criminal prosecutions—Bankman-Fried was sentenced to 25 years in prison on fraud charges—and ramped-up regulatory scrutiny.
The mood is decidedly different now. Bitcoin is trading near record highs. The industry is optimistic that with Trump’s backing, legislation to create a regulatory framework for stablecoins—tokens that are pegged to real currencies such as the dollar—will accelerate the mainstreaming of crypto. Big banks including JPMorgan Chase, Bank of America and Citigroup are exploring whether to issue their own joint stablecoin, The Wall Street Journal reported. New Labor Department guidance could make it easier to bring cryptocurrency into 401(k) plans.
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Content from our sponsor: Deloitte
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Lincoln Financial’s CFO on Rebuilding for the Long Term
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CFO Christopher Neczypor discusses the strategic decisions to rebuild the finance function that have helped to put Lincoln Financial on a path of greater stability and renewed growth opportunities. Read More
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📆 Earnings
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CrowdStrike Holdings
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Dollar General
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Hewlett Packard Enterprise
📈 Economic Indicators
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey.
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What Else Matters to CFOs
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No entire teams were cut. Disney said the layoffs are part of an effort to operate more efficiently. PHOTO: MICHAEL NAGLE/BLOOMBERG NEWS
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Walt Disney Co. is laying off several hundred people globally across multiple divisions, including marketing for film and television, TV publicity, casting and development, and corporate financial operations, the entertainment conglomerate said Monday.
No entire teams were cut. Disney said the layoffs are part of an effort to operate more efficiently.
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“Obviously, it’s always up to God and the board.”
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—JPMorgan Chase CEO Jamie Dimon, noting that his retirement is still several years away.
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Lineage, a Novi, Mich.-based real-estate investment trust focused on temperature-controlled warehouses, said Chief Financial Officer Rob Crisci is retiring. Crisci, who joined Lineage as CFO in April 2023, will stay in his post until his successor is in place and remain through a transition period, the company said. Lineage has started the process of identifying a new finance chief with the help of an executive-search firm.
Bill Holdings, a San Jose, Calif.-based financial operations platform, appointed Rohini Jain as its chief financial officer, effective July 7. Jain joins from PayPal, where she has worked since 2016 and was most recently CFO of large enterprise and merchant platforms. She succeeds John Rettig, who will transition to the role of president and chief operating officer. Rettig has been with the company for 14 years and led its initial public offering in 2019.
—Colin Kellaher and Katherine Hamilton contributed to today’s Ledger.
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Content From Our Sponsor: DELOITTE
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Evolving Finance From Scorekeepers to Advisors
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Highmark Health CFO Carl Daley discusses how finance operates at the center of a blended insurance and health care provider structure, with new data-centered efficiencies and capabilities to deliver value-based care for the patient community. Read more.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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