Skip to main content
Vibe shift
To:Brew Readers
CFO Brew // Morning Brew // Update
The year in ESG so far.

Hello, and welcome to July. We’ve made it our mission to keep you informed about the world of CFOs—now it’s your turn to inform us. We’re halfway through the year, and as we roll into the July 4th stretch, we’d love a quick check-in. Fill out our reader survey (takes just 5 minutes!) and you’ll be entered to win a $300 AmEx gift card. Find the survey here.

In this issue:

Letting go

Scratch paper

Drew Adamek, Jesse Klein

SUSTAINABILITY

Two hands shaking in embrace, a government building, and two leaves next to a recycling logo surrounded by chart graphics

Amelia Kinsinger

The climate and ESG world went into fight or flight mode when President Trump was reelected in 2024. The past five months since his inauguration have seen a vibe shift. Banks backed out of net-zero commitments and the Trump administration gutted billions of dollars in clean energy grants. In short, it’s been a tumultuous year so far for ESG.

To help recap all the changes, here are some of the biggest, most impactful ESG stories we’ve covered in the last five months.

We won’t always have Paris. President Biden was barely in his jet before President Trump started reversing his predecessor’s policies by executive order. On his first day in office, President Trump withdrew the US from the Paris Climate Agreement, the international accord between countries agreeing to cut greenhouse gas emissions. This was the latest in a series of flip-flops by the US on the agreement—first negotiated in 2015 under President Obama. Trump then pulled the US out in his first term in 2020, and we rejoined under Biden in 2021.

The unwritten rule. In March, the SEC dropped its defense of the climate risk disclosure rule, which had faced multiple lawsuits, effectively making it moot without “actually rescinding the rules,” the Wall Street Journal explained. The approved rule from March 2024 would have required companies to report scope 1 and scope 2 emissions; this was an already pared-back version from one that would have also required scope 3 reporting, according to ESG Dive. The SEC’s climate disclosures were similar to those required in the EU and California, where many companies are already reporting to stay in compliance in those regions or voluntarily to investors.

For more on the state of ESG in 2025, click here.JK

presented by Galaxy

ACCOUNTING

Almost 4000 would-be accountants sit their exams.

David Parry/Getty Images

This is part two of CFO Brew’s yearlong look at pivotal moments over the last 25 years that shaped the finance and accounting profession. For the rest of the series, click here.

It’s hard to imagine now, but for CPAs of a certain age, taking the American Institute of Certified Public Accountants’ (AICPA) CPA exam often meant crowding into a large space—say, a hotel ballroom or a chicken barn at a state fairgrounds—with lots of other people. Back then, as now, sitting for the CPA exam could be a challenging rite of passage, steeped in pressure. Candidates took the rigorous multi-part test over the course of several days on paper, armed only with a handful of number two pencils and a calculator.

And to really give it that spicy anxiety flavor, AICPA only offered the test twice a year, which meant candidates had to be ready to go on the AICPA’s timeline, and failing the exam could seriously delay your career.

Scheduling and exotic locations aside, taking the CPA exam also meant remembering vast amounts of complicated accounting rules, regulations, procedures, and practices. Which was fine in an era when accountants were tasked with rote, manual tasks like bookkeeping, invoicing, and reconciliations.

But the combination of increased computerization and technology adoption in the workplace, and the new regulatory requirements stemming from the Enron collapse, meant that the accounting profession was changing. And the CPA exam needed to change with it.

Keep reading about the digitization of the CPA exam here.DA

Together With RightRev

MARKET FORCES

market forces chart

Francis Scialabba

Today’s top finance reads.

Stat: 10%. That’s the percentage of total hot dogs sold annually that are purchased in July, which also happens to be National Hot Dog Month. We feel like, based on our 4th of July picnic consumption alone, that number should be higher. (National Hot Dog and Sausage Council)

Quote: “In today’s world, a company will basically say, ‘I have this work to be done. What combination of human beings and [AI]…do we need?’ That is how work is going to get done, and any company that does not have that agility or flexibility is out of business.”—Rishad Tobaccowala, author of Rethinking Work, on AI’s impact on workforce management (HR Brew)

Read: How getting laid off from PwC boosted this young consultant’s career. (Business Insider)

Trade with confidence: Galaxy Trading connects institutions to digital asset markets. Galaxy works to deliver reliable liquidity and tailored strategies across spot, derivatives, and lending—unlocking opportunities in a dynamic, fast-moving market. Join 1,300+ counterparties trading with Galaxy.*

*A message from our sponsor.

SHARE THE BREW

Share CFO Brew with your coworkers, acquire free Brew swag, and then make new friends as a result of your fresh Brew swag.

We’re saying we’ll give you free stuff and more friends if you share a link. One link.

Your referral count: 5

Click to Share

Or copy & paste your referral link to others:
cfobrew.com/r/?kid=9ec4d467

✢ A Note From Galaxy

This document, and the information contained herein, has been provided to you by Galaxy Digital Inc and its affiliates (“Galaxy Digital”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice or is an endorsement of any of the stablecoins mentioned herein. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Galaxy Digital’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy Digital’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy Digital nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy Digital and, Galaxy Digital, does not assume responsibility for the accuracy of such information. Affiliates of Galaxy Digital may have owned, hedged and sold or may own, hedge and sell investments in some of the digital assets and protocols discussed in this document. Affiliates of Galaxy Digital may also lend to some of the protocols discussed in this document, the underlying collateral of which could be the native token subject to liquidation in the event of a margin call or closeout. The economic result of closing out the protocol loan could directly conflict with other Galaxy affiliates that hold investments in, and support, such token. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document provides links to other Websites that we think might be of interest to you. Please note that when you click on one of these links, you may be moving to a provider’s website that is not associated with Galaxy Digital. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours. The foregoing does not constitute a “research report” as defined by FINRA Rule 2241 or a “debt research report” as defined by FINRA Rule 2242 and was not prepared by Galaxy Digital Partners LLC. Similarly, the forgoing does not constitute a “research report”, as defined by CFTC Regulation 23.605(a)(9), and may only be considered a solicitation for entering into a derivatives transaction for purposes of CFTC regulation 23.605. It is not intended to constitute a solicitation for any other purposes under CFTC or NFA rules, and it should not be relied on as a form of recommendation to trade under CFTC regulations. Rather, each recipient is responsible for exercising their own independent investment discretion when determining what is suitable for their requirements. For additional disclosures related to Galaxy Derivatives LLC and/or derivatives, please see here for more information.

With respect to UK recipients, the contents of this communication, which have been prepared by and are the sole responsibility of Galaxy Digital Holdings LP, have been approved by Galaxy Digital UK Limited (with registered address: 5 Swallow Place, London, England, W1B 2AF) solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000.

For all inquiries, please email [email protected]. ©Copyright Galaxy Digital Inc 2025. All rights reserved.


         
ADVERTISE // CAREERS // SHOP // FAQ

Update your email preferences or unsubscribe here.
View our privacy policy here.

Copyright © 2025 Morning Brew Inc. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011

News built for finance pros

CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.