A cryptocurrency entrepreneur wins a key election in Liberland

Good morning, Quartz readers!

HERE’S WHAT YOU NEED TO KNOW

California raised the fast food minimum wage and the sky remained skyward. The state said that fears of mass layoffs and massive inflation didn’t pan out.

Here’s a LinkedIn update for the record books. Ryan Salame, the former co-CEO of FTX Digital Markets, used the social media platform to announce the start of his federal prison sentence.

Airbus is flying low these days. The French planemaker announced another month of disappointing delivery numbers.

AMD is tired of living in Nvidia’s computer chip shadow. It’s making a claim on what it believes will soon be a $500 billion market for AI data center tech.

Donald Trump wants to cut taxes for Americans who don’t live in America. The Republican presidential nominee announced a vague proposal regarding income earned abroad.

Hurricane Milton rains on the Fed’s parade

Besides the widespread devastation left in its wake, Hurricane Milton will further complicate the Fed’s attempt at a soft policy landing. It and Hurricane Helene are going to muddy economic data for months to come.

The data that the central bank uses to make all sorts of decisions about the economy will be distorted as people recover. It will be hard to separate a temporary impact from a broader shifts.

Quartz’s Rocio Fabbro breaks down the monetary policy impact of an already busy hurricane season and the problems it poses for those setting interest rates.

A decentralization dynasty on the Danube

A very, very small country in Eastern Europe just used blockchain technology to elect a controversial cryptocurrency entrepreneur to lead its Congress. Tron founder Justin Sun is the legislative body’s new Speaker in Liberland.

Sun’s election, which also led to him being named prime minister, is the latest in a series of cryptocurrency figures ascending to powerful positions in the tiny nation wedged between Croatia and Serbia. Despite an ongoing lawsuit against Sun from the Securities and Exchange Commission, Liberland president Vít Jedlička thinks he’s the right person for the job.

What is Liberland and what is going on there? Quartz’s Vinamrata Chaturvedi explains the country’s latest political development.

MORE FROM QUARTZ

🧼 TD Bank is paying a $3 billion penalty for making money laundering too easy 

🚕 Donald Trump called robotaxis “concerning” just hours before Tesla’s robotaxi launch 

🌴 Trump also said he bought Mar-a-Lago because a cab driver said it was cool

🗳️ Delta says the election has people avoiding the skies

🚘 Difficulties at Stellantis have the carmaker’s management fearing for their jobs

✈️ Striking Boeing machinists say they’re in it for the long haul

SURPRISING DISCOVERIES

Corporate press releases are getting concerningly cheerful. Terms like “thrilled” and “revolutionary” are proliferating like never before, possibly weakening business comms credibility. (paywall)

The feds were sneaking into some folks’s e-wallets. FBI agents created a fake cryptocurrency to catch pump-and-dump schemes.

There’s a zombie army of Redbox kiosks lurking across the country. The bankrupt film rental company left 24,000 of its signature red boxes to molder. (paywall)

The northern lights are making their way south. A magnetic solar storm will enable observers all the way down in Alabama to view rainbow-hued auroras.

Sample sales aren’t the secret surprise they used to be. Fashion brands are increasingly using the if-you-know-you-know warehouse clearances as a marketing tool of sorts. (paywall)

Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give membership as a gift!

Our best wishes on a safe start to the day. Send any news, comments, sample sale suggestions, and crypto-backed political appointments to talk@qz.com. Today’s Daily Brief was brought to you by Melvin Backman and Sarah Douglass.