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Trump Token Backer Gets Legal Reprieve

A Chinese cryptocurrency entrepreneur who invested $75 million in President Donald Trump’s digital asset ventures while facing federal fraud charges has received a significant break from securities regulators, prompting accusations of pay-to-play politics from Democratic lawmakers and ethics watchdogs.

Justin Sun, 34, founder of the Tron blockchain platform, saw his Securities and Exchange Commission case paused in February after he and the agency’s lawyers jointly requested a stay to explore a “potential resolution.” The development came months after Sun became the largest investor in World Liberty Financial, a crypto platform backed by Trump and his family.

You can read more on the matter here.

What’s going on?

• Canada Pension Eyes Investment in Carney’s “Nation-Building”, Drops Net-Zero Commitment (theDeepDive)

• U.S. judge blocks Trump’s executive order to dismantle Education Department, fire employees (Globe)

• Port Cargo Plunges 35% as Trump Tariffs Hit Los Angeles (theDeepDive)

• US House passes Trump’s showpiece tax bill (FT)

• Hamas Praises Canada’s Gaza Ultimatum Call on Israel (theDeepDive)

• EU asks 44 oil and gas producers to provide new CO2 storage solutions (Reuters)

• The Fall of Builder.ai: Microsoft-backed Unicorn Files for Bankruptcy (theDeepDive)

• April home sales dropped to the slowest pace for that month since 2009 (CNBC)

• Canadian Battery Recycler Li-Cycle Files for Bankruptcy Protection (theDeepDive)

• Canada should firmly reject Trump’s ludicrous Golden Dome plan (Globe)

• Does Canada Want In On Trump’s Golden Dome? (theDeepDive)

What’s the latest?

• Treasury: Yields on 20- and 30-year U.S. Treasurys rose above 5%, reflecting market concern over federal debt and spending, with $14 trillion soon needing refinancing at higher rates. The 10-year Treasury yield stood at 4.593%, while Japan’s 30-year yield hit 3.184%, its highest on record. Investors are repatriating funds from U.S. to Japanese bonds due to more attractive domestic yields and lower currency risk. Emerging market bonds, like Indonesia’s 10-year at ~7%, are gaining appeal amid U.S. fiscal uncertainty.

• TD Bank: TD Bank will lay off 2% of its workforce—about 2,000 employees—to save up to C$650 million annually and focus on digital and AI investments. The bank expects C$600–700 million in restructuring charges and is exiting its U.S. point-of-sale financing business. Q2 adjusted earnings of C$1.97 per share beat expectations of C$1.76, driven by record C$2.13 billion in wholesale banking revenue. Loan loss provisions rose to C$1.34 billion amid economic uncertainty.

• Canada Post: Roughly 55,000 Canada Post workers may strike after midnight, with the union rejecting a 13% wage hike over four years, seeking closer to 19%. Key issues include cost-of-living adjustments, increased part-time roles, and “dynamic routing” changes. Canada Post is seeing declining mail volumes and rejected a two-week union truce. This would mark the second strike in under six months.

• Lion Electric: A Quebec judge approved the sale of Lion Electric to a group of local investors led by Pierre Wilkie and Vincent Chiara. The deal allows the company to keep its St-Jérôme plant operational but includes permanent layoffs for hundreds of employees. Lion Electric entered creditor protection in December and revised the sale offer followed Quebec’s refusal to provide further funding.

• Politics: House Republicans passed a sweeping tax and spending bill by a narrow 215–214 vote, advancing a top priority of Donald Trump. The package includes $4.5 trillion in tax cuts, stricter Medicaid and food stamp work rules, and $350 billion in new spending — including $150 billion for defense and $12 billion for deportation efforts. The Congressional Budget Office estimates the bill would raise deficits by $3.8 trillion and cut services for millions. Two Republicans voted no, and final cost analyses are still underway.

Endeavor Silver Q1 Earnings

The stock market and stuff

• TD Bank’s Restructuring Loss Overshadows Earnings Beat In Q2 2025 (theDeepDive)

• Kraken opening digital tokens of Apple, Tesla and Nvidia to people outside the U.S. (CNBC)

• Toronto’s 2027 Condo Time Bomb: Financial Ruin for Pre-Construction Buyers | Mark Morris (theDeepDive)

In the juniors

• Riverside Resources Spins Out Blue Jay Gold Corp (theDeepDive)

• Canadian Copper Outlines $171 Million NPV, 36% IRR In PEA For Murray Brook And Caribou Complex (theDeepDive)

• Elemental Altus Royalties Reports 179% Revenue Jump, 259% EBITDA Spike In Q1 2025 (theDeepDive)

• West Red Lake Restarts The Madsen Mine (theDeepDive)

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