B I G Trade

US Congressmen introduce bill to initiate first comprehensive audit of America's gold reserves
Today, four members of Congress, led by Thomas Massie, introduced legislation to initiate the first comprehensive audit of America's gold reserves. The Gold Reserves Transparency Act (H.R. 3795) requires a comprehensive analysis, inventory, and audit of all U.S. gold holdings for decades.
The four members of Congress are Representatives Thomas Massie, Troy Nehls, Addison McDowell, and Warren Davidson. According to Thomas Massie, "Americans deserve transparency and accountability from the institutions that support our currency."

JPMorgan opens access to crypto beyond a case-by-case basis
JPMorgan will begin allowing its trading and wealth clients to borrow money using crypto-linked assets as collateral, according to Bloomberg. The plan will begin in the coming weeks, starting with loans backed by BlackRock's iShares Bitcoin Trust.
The bank will also begin including crypto assets in some client net worth calculations, placing Bitcoin and other digital assets in the same category as stocks, cars, and artwork.

Latest news on Ripple (XRP) price as the new altcoin Mutuum Finance (MUTM) dominates the DeFi market.
Ripple (XRP) is making headlines again, not only for its legal clarity and growing institutional interest but for its surprising price strength in a volatile market. Currently trading around $2.13, XRP is holding firm despite broader corrections and is widely regarded as one of the best cryptocurrencies to invest in by Q2 2025. With renewed optimism regarding potential crypto ETF approvals and a sharp increase in network activity, analysts are now targeting a medium-term move towards $5.

Tesla is currently not interested in establishing manufacturing operations in India
Tesla has shown a clear reluctance to engage in local manufacturing of electric vehicles (EVs) in India, even though the country currently offers significant incentives to encourage such investments.
Other automotive companies interested in India's offer, but not Tesla
India's EV policy was introduced in March 2024 and has been in development since. It aims to attract global automotive giants like Tesla to create their products locally.

The Trump administration has asked an appeals court to suspend a ruling that blocked its tariffs.
The Trump administration has asked a U.S. appeals court to block a recent ruling declaring its broad tariffs illegal. The White House stated in an emergency motion to the D.C. Circuit Court of Appeals that halting the tariffs poses a danger to crucial ongoing trade discussions with dozens of countries.
The legal battle centers on the International Emergency Economic Powers Act (IEEPA), the statute Trump invoked to justify imposing aggressive tariffs on America's trading partners. The latest request comes after two rulings, first from the U.S. Court of International Trade in Manhattan, then from a federal court in Washington, D.C., which stated that the administration had exceeded its authority under the IEEPA. The most recent ruling by Judge Rudolph Contreras clearly stated that the IEEPA does not authorize the imposition of tariffs, a more direct rebuke than the earlier ruling from the trade court.

The Treasury Undersecretary states that the United States is close to finalizing a few trade agreements before July 9...
On Monday, Treasury Undersecretary Michael Faulkender said that the Trump administration is making "good progress" in trade negotiations and is "close to the finish line on a few" agreements.
He stated to CNBC on "Squawk Box" that as long as discussions progress, "you will see many more agreements being announced before this July 9 deadline."

Tether has reinvested over $5 billion of its revenue into the U.S. economy: CEO
Tether, the issuer of the USDT stablecoin, has invested about $5 billion of its profits into U.S.-based companies over the past two years, according to the company’s CEO, Paolo Ardoino. The executive revealed this on X to highlight how the company is invested in the U.S. economy.
According to Ardoino, his company has invested in some U.S.-based companies, including the video-sharing platform Rumble and the startup Blackrock Neurotech.

Microsoft-backed Builder.ai hit by US probe over fake sales
Builder.ai, a UK-based AI startup once valued at over $1 billion and backed by tech giant Microsoft, is under investigation by US federal prosecutors following revelations of significantly overstated revenues and potentially fraudulent sales practices.
Builder.ai’s General Counsel, Adi Vinyarsh, told employees to preserve documents after the US Attorney’s Office for the Southern District of New York requested information. This includes accounting policies and a list of customers, according to an internal company email reviewed by Bloomberg and people familiar with the matter.
While the subpoena didn’t call out ousted former chief executive Sachin Dev Duggal by name, it was filed just weeks after Duggal was given the boot following a series of damaging financial irregularities.
The US Attorney’s Office in Manhattan, one of the most potent prosecutorial offices in the nation, has not made any public statement. Nor have officials from Builder.ai or Duggal. Yet, subpoenas from this office tend to reflect the early phase of a formal criminal investigation.
Internal investigation reveals inflated sales
An internal investigation uncovered that Builder.ai’s reported revenues were grossly inflated. In March 2024, whistleblowers alleged that the company regularly over-represented its income to appear more profitable and attract investors.
Builder.ai touts itself as a no-code/low-code platform that companies can use to create custom apps rapidly leveraging AI.
After the leadership shakeup, internal reviews revealed huge errors in the company’s revenue reporting. Company insiders revealed that Builder.ai had exaggerated its revenue projections by more than 300%.
In updated provisional accounts, the company saw its forecast 2024 revenues cut from $220 million to just $55 million. Its 2023 revenues were similarly lowered to $45 million from $180 million. These cuts suggested a pattern of too-aggressive or fraudulent revenue recognition.
The audit also cast doubt on the legitimacy of sales via resellers in the Middle East. Investigators said they could not confirm that these resellers were real or that the transactions occurred. Some of the reported sales have never been collected, and in some instances, it was impossible to determine the end customers, the filings show.
Builder.ai had been held up as a European tech success story, with a business model that combined AI with software development to make it easier for noncoders to create apps. However, the new findings indicate the company’s slick public image may have been built on shoddy foundations.
Builder.ai takes step toward insolvency
The financial scandal has pushed Builder.ai into a full-blown collapse. In mid-May 2025, just days after the subpoena was received, the company formally announced it would begin insolvency proceedings.
Manpreet Ratia, the current CEO who took over from Duggal in February, informed staff members in an internal memo that Builder.ai could not afford to pay its staff. The company’s biggest lenders, including Israel’s Viola Credit, had already claimed most of its cash after declaring a default triggered by the revenue restatement.
In 2023, Builder.ai raised over $250 million in an investment led by the Qatar Investment Authority. Microsoft also invested in a signed strategic partnership with the company. Among other prominent backers of the company were the World Bank Group’s International Finance Corp., Hollywood free-radical Jeffrey Katzenberg’s WndrCo, Lakestar, and SoftBank’s Deepcore incubator.
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ASEAN agrees to lower barriers to boost regional trade: WEF calls it a 'game changer'
Southeast Asian leaders approved trade and economic reforms to boost regional integration in response to geopolitical tensions and new American tariff hikes threatening the region's export-driven economies.
Decisions were made during the opening of a regional summit in Malaysia on Monday, the first high-level meeting since Washington imposed new high tariffs on ASEAN exports on April 2.