The lowdown

Here’s what you missed while you were living your best life:

• 🤖 Sam Altman Pitches "ChatGPT Gov" to the U.S. Government
  Sam Altman is taking OpenAI straight to Washington, rolling out ChatGPT Gov to help federal agencies "boost efficiency"—aka, let AI do the paperwork. With China’s DeepSeek shaking up the AI race and Trump’s administration embracing big tech, Altman is positioning OpenAI as America’s AI golden child. Whether it’s a power move or just good PR, he’s making sure OpenAI stays front and center.

• 🏠 Florida’s Home Insurance Market Gets Some Relief
  Florida homeowners, rejoice—after years of skyrocketing premiums and disappearing insurers, a new player, Mangrove Insurance, is stepping in to offer coverage to 81,000 homes. Regulators are celebrating, claiming the market is finally stabilizing, but Floridians know better than to trust a "fixed" insurance market. For now, at least, it’s one less headache for homeowners bracing for the next storm season.

• ✈️ Spirit Airlines Rejects Frontier’s "Woefully Insufficient" Merger Offer
  Frontier tried to swoop in and buy Spirit Airlines for $2.1 billion, but Spirit shot it down faster than a canceled budget flight, calling the deal "woefully insufficient." With Spirit clawing its way out of bankruptcy and Frontier insisting the airline won’t survive solo, the back-and-forth is starting to look like a bad reality show. For now, Spirit is staying single—and unbothered.

Featured story

Wall Street to SEC: We Need More Time

Wall Street is hitting the brakes on a major SEC overhaul of the $28 trillion U.S. Treasury market, demanding at least a one-year delay. The rule, set to take full effect by June 2026, would require centralized clearing of Treasury trades to curb risk and increase transparency. Banks and hedge funds don’t oppose the plan—but they warn that moving too fast could wreak havoc, especially with a flood of new Treasury issuances on the horizon.

The request comes as the SEC undergoes a leadership shake-up, with Trump appointing Mark Uyeda as acting chair and planning to nominate former SEC Commissioner Paul Atkins to lead the agency permanently. Uyeda replaces Gary Gensler, Biden’s SEC chief known for his aggressive regulatory stance, setting the stage for a potential policy shift that could favor Wall Street’s demands. Given the SEC’s recent clashes with financial institutions over crypto and market structure reforms, all eyes are on how the agency will respond.

If the delay is granted, it could slow one of the most significant Treasury market reforms in decades. But if the SEC holds firm, banks and funds will have to scramble to meet the deadline, risking volatility in one of the world’s most critical financial markets.

The bottom line

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