ISSUE #377📅Wednesday, 1 July 2026⏱5 min read📑5 stories · 1 deep dive
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The Briefing
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Here’s what’s happening in geopolitics today. From Washington to the world of crypto wallets, today’s headlines kick off with Trump’s eye-watering US$1.4 billion in digital-asset earnings, alongside fresh questions over how politics and crypto are becoming increasingly intertwined.
Meanwhile, diplomacy and deterrence run in parallel tracks, with Iran pushing back on direct talks with the US even as NATO stages major military drills off the American coast and tensions flare again along the Afghanistan–Pakistan border.
And finally, a recent photo with the new Israeli ambassador had many anti-westerners scratching their heads, but if you have been paying attention this has been a long relationship.
— The Basedment Editorial Team· 01 Jul 2026
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The Last 24 Hours in Geopolitics
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Trump’s financial disclosure reveals $US1.4B in crypto earnings
Donald Trump's latest financial disclosure shows he earned more than US$1.4 billion from cryptocurrency ventures in 2025, highlighting how digital assets have become the largest source of his reported income. The filing attributes nearly US$800 million to World Liberty Financial, including token sales and business interests, while Trump-branded meme coins generated a further US$635 million in royalties. The disclosure is likely to intensify scrutiny of potential conflicts of interest, as Trump's administration has pursued policies widely viewed as supportive of the cryptocurrency industry.
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Iran says it won’t meet with US envoys in Qatar
Iran has said it will not meet directly with U.S. envoys in Qatar, contradicting President Donald Trump's earlier suggestion that high-level talks would take place in Doha. Instead, Tehran said any discussions would continue indirectly through Qatari mediators while both sides focus on implementing the recently agreed ceasefire before addressing more contentious issues, including Iran's nuclear programme. U.S. envoys Steve Witkoff and Jared Kushner nevertheless travelled to Qatar for consultations with mediators, highlighting that diplomatic channels remain open despite the absence of direct negotiations.
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NATO conducts major military exercise off US coast
NATO naval forces are conducting FLEETEX 250 off the coast of North Carolina, bringing together warships, aircraft and personnel from the United States and several European allies in a major demonstration of maritime interoperability. The exercises include anti-submarine warfare, amphibious assaults and simulated boarding operations, and coincide with celebrations marking the 250th anniversary of the United States. The drills come despite ongoing political tensions over NATO burden-sharing, with alliance officials stressing that military cooperation between member states remains strong.
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Afghan Taliban launch strikes on border with Pakistan as tensions escalate
Afghanistan's Taliban government said it had carried out airstrikes on targets across the border in Pakistan's Balochistan province, claiming the sites were being used by Islamic State (ISIS) militants to plan and launch attacks inside Afghanistan. The strikes came days after Pakistani air and ground operations along the border that Afghan officials say killed dozens of civilians, marking a significant escalation in already strained relations between the two neighbours. Despite the exchange of military action, both Kabul and Islamabad have said they remain open to dialogue, though cross-border tensions continue to rise amid mutual accusations of harbouring militant groups.
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Netanyahu visits occupied Southern Lebanon, says Israel won’t leave yet
Israeli Prime Minister Benjamin Netanyahu visited Israeli military positions in occupied southern Lebanon, where he reiterated that Israel would not withdraw its forces “until the threat is removed,” referring to Hezbollah. The visit comes shortly after a US-brokered framework agreement aimed at de-escalation and a phased transfer of control in parts of southern Lebanon to the Lebanese Armed Forces. Despite the agreement, Israel has signalled it will maintain its presence in the area until it considers Hezbollah’s military capabilities sufficiently dismantled, underscoring continued tensions over implementation of the deal.
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Daily Deep Dive
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Analysis · africa
The Israeli-Burkina Faso Relationship Explained
A recent photo with the new Israeli ambassador had many anti-westerners scratching their heads, but if you have been paying attention this has been a long relationship.
Basedment Analysis
Sahel-Region
I know there won’t be many anti-westerners on X happy about the recent news… However, this is mostly diplomatic protocol dating back to the 1960’s. Captain Ibrahim Traoré, Burkina Faso's transitional president, quietly approved the accreditation of Israel's new ambassador, Simon Seroussi, preserving the long-standing diplomatic relationship between Ouagadougou and Israel. Seroussi, currently based in Abidjan, succeeded diplomat Rony Yedidia Clein, who presented her credentials in December 2023.
Traoré maintains discreet diplomatic ties with Israel while publicly expressing staunchly anti-Western rhetoric, reflecting a balancing act common among Sahel junta governments. Bilateral commerce remains modest, with Burkina Faso exporting limited agricultural goods like oily seeds and tropical fruits to Israel, under a general framework for economic, scientific, technical, and cultural cooperation.
The relationship runs deeper than trade figures suggest. Behind the scenes, Israeli intelligence services have stepped up exchanges with counterparts in the Alliance of Sahel States, which are particularly interested in certain security technologies. Israel has long regarded the Sahel as an area of interest, establishing it as a key focus of its continental deployment.
What Does Israel Set To Gain?
For Israel, the relationship provides several tactical advantages. First, diplomatic presence in an increasingly unstable region allows intelligence gathering on militant networks, particularly jihadist groups operating across the Sahel – although this would not be a substantial reason. Geopolitically, Israel can position itself as an alternative partner to Western nations, filling diplomatic space as US and European influence wanes following the junta takeovers in Burkina Faso, Mali, and Niger. Especially when we consider that Russia’s support is likely not as ‘concrete’ long-term. This is Traoré keeping his options open by allowing Israel to expand its geopolitical footprint among one of the most hotly contested regions on the planet. For instance, we’ve already seen Israel expand into the Horn of Africa. Third, security partnerships offer Israel markets for defense technologies and intelligence-sharing arrangements that enhance surveillance capabilities across West Africa. Israel's military partnerships in the region, such as those established with Chad as early as 2019, demonstrate long-term strategic positioning in security technology and armaments. There is also the aspect of profitability, the UAE has already shown that Burkina Faso can be a lucrative trading partner - Burkina Faso exports to the UAE totaled $1.48 billion in 2024 alone. Sources Available upon request
TODAY IN HISTORY (July 1, 1867): Dominion of Canada established
The Dominion of Canada was formed this day in 1867, an event subsequently celebrated as an annual Canadian holiday (its current name, Canada Day, was adopted in 1982) marked by parades, fireworks, and the display of flags.
