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1 year agoon
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adminThe phrase one percent could be used to describe Doug Burgums socioeconomic status and, less gloriously, his national-polling average. On a recent Thursday night in New Hampshire, the North Dakota governor squared up to the reality of his presidential campaign: The first question I get is When are you going to drop out?
He was speaking to about 100 people in a private back room at Stark Brewing Company, in downtown Manchester. Republicans had come together to celebrate the state GOPs 170th birthday, sheet cake and all. Burgum was the biggest star on the program, along with former Representative Will Hurd, who was a no-show after ending his own campaign three days earlier. The next-biggest name? Perry Johnson, a businessman who attempted to deliver his remarks by phone and, about a week later, would also drop out.
Burgum is an affable midwestern guy with virtually zero national name recognition. He spins his long-shot bid for the Republican nomination as an entrepreneurs dream”huge market potential. Like another one-percenter, Successions Connor Roy, Burgum is fighting for his 1 percent in the polls: Polling trails, you know, peoples impressions. Hes been running for president for about five months. His campaign profile on X (formerly Twitter) has just over 13,000 followers. Hes not a fixture on Fox News. He hasnt written a best-selling book, or any book, offering voters a glimpse of his life. As youre reading this sentence, can you even conjure what his voice sounds like?
Related: The 2024 U.S. presidential race: a cheat sheet
This summer, to qualify for the first Republican debate, each candidate had to secure at least 40,000 individual donors. As July 4 approached, Burgums campaign had the idea to sell American flags for donations as a way to boost his numbers. But they soon pivoted to a savvier pitch: free money. Burgums team would mail anyone who donated $1 a $20 prepaid Visa or Mastercard, dubbed a Biden inflation relief card, netting the supporter $19 in profit. Burgum, who made millions in the software business, has described this plan as a hack. Though he was criticized for it, hes executing it again as he hopes to qualify for this months debate in Miami. The new thresholds are stricter: at least 70,000 donors and 4 percent of support in two national polls to make the cut. Currently, Burgum has the donors but not the polls. We are optimistic he will make it, his spokesperson told me.
Newt Gingrich said it the other day, twice to two different news outlets: Everybody should drop out because the race is already over. I heard that Newts already picked the Super Bowl winner. So were gonna cancel the NFL season. No games need to be played, Burgum told the brewery crowd. Most people in the room laughed. The woman standing next to me, scrolling through her phone, muttered that he had just reminded her to set her fantasy-football lineup.
Former President Donald Trump enjoys a ridiculously large lead in what has come to feel almost like a Potemkin primary. Burgum is among a handful of candidates who seem to earnestly believe that Republicans are still maybe, possibly, you never know, searching for an alternative. But whereas someone like Ron DeSantis has fashioned himself into a wet-blanket version of Trump, Burgum refuses to support book bans or cosplay as MAGA. He does not appear to be courting members of the old guard in the manner of Nikki Haley or Tim Scott. Hes not firing off rhetorical napalm like Vivek Ramaswamy, or casting himself as the anti-Trump, like Chris Christie. What, then, is he doing? I spent a few days following him in New Hampshire, trying to figure that out.Doug Burgum, governor of North Dakota, and first lady of North Dakota, Kathryn Burgum, at the New Hampshire state house filing the paperwork to be on the 2024 Presidential ballot in New Hampshire.
B
urgum presents as a down-to-earth, slightly nerdy guy who spent most of his life in business and speaks softly, with a thick Fargo accent. (Hes heard all of your wood-chipper jokes.) He has the requisite ego to run for president but freely admits that pretty much nobody outside North Dakota has any clue who he is. He insists that the modern electoral system is broken, and that, if he is to find any national GOP success, hell need to be his honest, authentic, inoffensive selfnothing more. He says he is committed to avoiding the ugly reality-TV tropes of modern electoral politics. It is a noble goal. Is it doomed? Week after week, he presses on, spreading the gospel of Doug Burgum to small groups of people.
I watched Burgum and his entourage roll into Airport Diner, in southern Manchester. (Another long-shot candidate, the Democrat Marianne Williamson, had her campaign bus parked in the adjacent Holiday Inn lot; Burgum was traveling in a black SUV.) He stopped to chat with an elderly couple in matching blue shirts, but the conversation didnt seem to go anywhere. (Were Democrats, the wife sheepishly told me a few minutes later.) At another table, a 78-year-old woman told me that some man had just come by, but she had no idea who he was. She said that God speaks to her and has told her that Trump is returning to office, but that there wont even be an election next yearTrump will merely resume his prior presidency. She was reluctant to share her name on the record. I have lost a lot of friends, she said. Because of Trump? Oh, yeah. But, hey, thats life.
Out on the trail, Burgum rolls his eyes at The Narrativecapital T, capital Nand scoffs at what he sees as the nationalization of the primary system. Cable news, coastal elites, anyone trying to pull a lever inside the Beltwaythese are the forces stripping power away from regular people, in Burgums view. In almost every speech, he takes umbrage at what he describes as the Republican National Committees clubhouse rules. Burgum disagrees with, among other things, the RNCs apparent eagerness to narrow the presidential field. He counters that Americans benefit from a large pool of qualified applicants, and that early-state voters should do the winnowing themselves. He often quotes his favorite president, Theodore Roosevelt: Let the people rule!
Like Roosevelt, Burgum projects an Americana-heavy image. He usually steps out in blue jeans and brown cowboy boots. He has praised those who take a shower at the end of the day versus at the beginning. Hes eager to talk about his experience working at his familys grain elevator and his stint as a chimney sweep. He has a mop of thick hair, a strong jawline, and a hard-to-explain just happy to be here vibe. In August, on the eve of the first Republican debate, Burgum blew out his Achilles while playing pickup basketball. (??The skies were clear, but it was raining threes, he told a reporter.) Hes been using a knee scooter to get around ever since, and told me that when he encounters long ramps, he likes to let it rip on his way down. His name is embroidered in big block letters on the blue puffer vest he wears almost every day. Hes rarely in a rush to get out of interactions with strangers, and will be sure to ask, with genuine curiosity, Wheres home for you? Burgum himself is from Arthur, North Dakota, population 323. No one from North Dakota has ever won the presidency or, for that matter, been a major partys nominee.
After finishing at the diner, he traveled north to Hanover, specifically Dartmouth College, where he sat for an interview with a reporter from the schools conservative newspaper, The Dartmouth Review, and taped an episode of a campus podcast. Later, during a town hall at the colleges public-policy school, he told students that, thanks to AI, they were all going to live to be a hundred. This sort of techno-optimism is something that separates Burgum from his competitors. Whereas Trump paints a picture of a failing, dystopian country in need of a supreme leader, Burgums focus remains narrow and future-oriented. He waxes long about energy, the economy, and national security. His stump speech isnt exactly thrilling, yet it can be refreshingif only becaue he avoids campaigning on the standard GOP culture-war themes.
Still, as governor, hes signed several hard-right bills: a near-total abortion ban, a bathroom bill, legislation preventing transgender children from receiving gender-affirming surgery. Additionally, in North Dakota, teachers must now notify parents or guardians if one of their students identifies as trans, and they are permitted to misgender their students. North Dakota is a deep-red state, and many of these bills reached his desk veto-proof. When I asked Burgum to help me understand the motivation behind all of this legislation, he grew defensive, insisting that its not about discrimination.
But like other things, he said, what goes on in one state, its not going to go in another As president, Im focusing on economy, energy, national security, and the limited set of things the federal government is actually supposed to do.Doug Burgum, governor of North Dakota, at Dartmouth College speaking at a town hall with students.
In high school , basketball was Burgums passion, and it served as the backdrop of one of the defining moments of his life. He told me about a particularly cold Friday night during his freshman year. He was climbing aboard the team bus to an away game when the school principal pulled him aside. Burgums father was in the hospital battling brain cancer; Doug had planned to visit the following day. The principal told him that he had to go to the hospital right away. Burgum was shocked; hed believed that his dad was on the path to recovery. No one was being honest with me about the fact that it was imminent, he said. His father died that night.
As Burgum told me this story, his stoicism slipped. His eyes welled up, and he let out a deep exhale. His family was not wealthy, and his stay-at-home mother immediately started working full-time more than 30 miles away in Fargo, at North Dakota State University. His two elder siblings were now also living in Fargo. His mom wanted to move there, but he says he was stubborn, and refused to leave the basketball team in Arthur. I didnt understand the level of economic insecurity, he said. In practical terms, this meant that his mom would often stay in Fargo overnight instead of commuting back and forth. Burgum told me he spent most of his high-school years alone, fixing things around the house in his fathers absence.
My mom was good at all these things, but she didnt know how to grieve. Her solution to grieving was to go back to work and just kind of bury it, he said, later adding, So I developed this incredible work ethic that kind of mirrored my mother, which was: Just work your way through.
After finishing his undergraduate degree at North Dakota State, Burgum went on to Stanford for business school, spent two years in Chicago working for McKinsey, then returned home. He likes to say he literally bet the farm when he mortgaged his family farmland in order to get a computer-accounting business, Great Plains Software, off the ground. There is a bit of, I think, geographic bigotry that actually exists in our country, where people that havent been to places, they assume that were still, you know, plowing fields with horses or something.
From the May 1919 issue: The North Dakota idea
His wife, Kathryn, is the sister of one of Burgums fraternity brothers from North Dakota State. Burgum almost always uses the first-person plural pronoun we when discussing his political career. On the campaign trail, he praises his wifes courage.
She later told me some of her story. When the couple first started dating, about two decades ago, Kathryn was newly in recovery. She had begun drinking during high school, using alcohol to self-medicate. I had anxiety and depression and didnt really have anybody to talk to about it, she said. She then spent 20 years trying, and failing, to stop. She was constantly blacking out. She told me she didnt know people who could have only a single glass of wine, or who could choose not to drink, because they were driving home. I didnt have deep relationships even with my family, because addiction gets in the way of all that, she said. During her darkest days with booze, she became suicidal.
For years, Kathryn worked to keep her recovery a secret from most everyone in her life, and she credits Burgum with being supportive throughout her sobriety. In 2016, when he told her about his plan to run for governor, she had a flash of panic: How am I going to handle all these people all the time? All of these events have alcohol. The couple reached an agreement: She could leave, or simply skip, any event she wanted to. When Burgum won the election, Kathryn decided to finally talk publicly about her addiction.
At a USA Todaynetwork town hall in Exeter, Burgum described his wifes journey as she looked on from the front row. He also made a plea for more compassion toward people with drug addiction who have committed crimes. He decried the obstacles that nonviolent offenders face after they leave prison, including trouble finding housing and employment: We have legalized discrimination against people who had a diseasea brain disease that led them into that spot. His stance is forward-thinking. Its also out of step with much of the GOP. Were he to move up in the polls, hed almost certainly be attacked by his peers as soft on crime.Doug Burgum, governor of North Dakota, at Dartmouth College speaking at a town hall with students.
While Trump continues to float miles above his Republican competitors, the rest of them dutifully show up to various cattle calls in the early states. One such event, the New Hampshire GOPs First in the Nation Leadership Summit, took over a Sheraton the weekend I was following Burgum. Reporters and camerapeople and the cast of Showtimes The Circus stalked the grounds looking for somethinganythingresembling a story. As Burgum and Mike Pence momentarily exchanged pleasantries in the lobby, journalists materialized en masse, then vanished; no meat to be had. (Pence would drop out just over two weeks later.)
Burgum navigated the crowded hallways on his scooter. He recorded a podcast next to an area where Kevin Sorbo, the Hercules actor turned right-wing culture warrior, sold copies of his books. He also sat on a national-security panel with Senator Joni Ernst of Iowa. (At one point, Burgum fired off a seemingly improvised joke about how Iowa is Canadas Florida.) During the Q&A, an audience member asked what could prevent someone like Bill Gates from buying up all of Americas farmland. Burgum gently pointed out that agriculture is far less concentrated than people believe. Gates, he said, is already among Americas largest private owners of farmland, but that means he has a fraction of a percent of whats out there. It was a surprising statisticthough perhaps not as surprising as watching Burgum instinctively defend one of the GOPs biggest bogeymen.
In 2001, Burgum and his associates sold Great Plains to Microsoft for $1.1 billion. That deal has led many people to infer that Burgum himself is a billionaire. During our interview, after he continually sought to portray himself as an underdog, outsider candidate, I asked him if the phrase billionaire underdog might be considered an oxymoron. He strongly denied that hes worth $1 billion. Even after much prodding, though, he refused to share his exact net worth. (Its reportedly in the hundreds of millions of dollars.) So far this year, hes lent his campaign more than $12 million of his own fortune. His super PAC, Best of America, has raised about that same amount, notably with the help of his cousin Frederick Burgum, who donated $2 million. But I was most interested in his relationship with Gates, the single biggest donor to Burgums 2016 gubernatorial bid.
I asked Burgum what Gates is like as a person.
Itd be a good question for him, I suppose.
Well, I mean, arent you friends?
He said that he has observed an evolution in Gates over the four decades theyve known each other, then remarked, Hes the most, you know, one of the most misunderstod people that we have in America right now.
Burgum said that Gates and his ex-wife, Melinda, have saved more lives than anyone probably in the history of the planet. I asked Burgum how he plans to reckon with the portion of the GOP electoratethose who adhere to conspiracies such as QAnon and Pizzagatewho believe that Gates drinks the blood of children.
Related: The prophecies of Q
Burgum said that he knows how to talk to voters of all stripes and beliefs, and that, if youre going to lead people, you have to meet them where they are. Still, he said, there are some people that believe things, and they believe em like its religion. And youre sort of asking me, What would I say to them? Well, you cant tell them to stop believing [their] religion if they believe it. In politics, you have to say, then, that that voter may or may not be available.
I found his willingness to draw lines admirable, but it didnt extend to Donald Trump. He likes to say that, as governor of North Dakota, nukes are in his backyard. (I have friends who, literally, they farm here and the nuclear silo is right there, he told me.) I asked him if voters can trust Trump with the nuclear codes. He paused. Voters will have to decide that, he said. I asked him if he, Doug Burgum, trusts Trump with the nuclear codes. He dodged: Nuclear weapons exist for one reason. I asked him for a yes-or-no answer. He responded, So when you say trust him, what does that mean? I noted that people in the Department of Defenseincluding former chairman of the Joint Chiefs of Staff Mark Milleyhave specifically said that Trump cant be trusted with the nuclear codes, and that although many questions understandably have gray answers, this one seemed black-and-white. He paused again, then eventually offered another trained-politician answer.
I think its a question of, do we think that nuclear weapons act as a deterrent for our country? And if you think we have a president that will never use them, then they dont work. If you have a president that will use them, they do work. And its partly not what we think. Its partly what the enemy thinks. And if the enemy thinks that we have a president that will actually launch a nuclear weapon, then the deterrents work. And so, I think we have to look at who theyre pointed at, not just whos pulling the trigger.Doug Burgum, governor of North Dakota, and his wife, Kathryn, at Stark Brewing Company in Manchester, NH for a GOP 170th birthday event.
The next morning , Burgum and his team wandered among rows of tailgaters outside a University of New Hampshire football game. A Fox News reporter filmed a quick-hit interview with the governor while students played touch football in the background. (One wide receiver dramatically spiked the ball after completing a slant route that took him right past Burgum and toward a Dumpster.) Tailgaters looked on quizzically, or not at all, as Burgum and his entourage sauntered by.
Oh, its Doug! someone in dark sunglasses called out. The man, 28, told me that hes from Boston and has the type of job where he cant share his political views with his name attached. He said he voted for Joe Biden in 2020 but lost respect for him after he appeared to go back on his implicit promise to serve only one term. He added that he appreciates how Burgum seems like a genuinely good person and isnt a career politician, though hed like to see him move up in the polls.
A middle-aged woman offered Burgum a homemade cheesesteak. He accepted, and held the greasy bread in his bare hand for minutes before another tailgater offered him a napkin. He took a bite, but not before wisely asking the Fox News person not to film him eating.
Kickoff was soon approaching. The tailgaters showed no signs of packing it in. Grills sizzled; beers were pounded; beanbags thunked against cornhole sets. Burgum waved and smiled.
Three girls were standing at a distance, alternately watching him with the cheesesteak and fiddling with their phones.
I asked one of them if she knew anything about Doug Burgum.
Whats he running for? she asked.
President.
Good for him, she said.Doug Burgum, governor of North Dakota, at Stark Brewing Company in Manchester, NH for a GOP 170th birthday event.

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World
US-Ukraine deal no longer looks like gangsters running a protection racket – but Trump could still end military support
Published
2 hours agoon
May 1, 2025By
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This is a significant moment in this war.
It strengthens ties between Ukraine and the US which have been fraying to the point of disintegration.
But will it increase the chances of a diplomatic breakthrough to find peace? Possibly not. Without that, this agreement will have changed little in this pointless grinding war.
But it does give Donald Trump a personal political investment in a conflict he has always seemed to have regarded as someone else’s fault, someone else’s problem and a money pit for US resources.
On the face of it, it is a purely economic agreement.
Ukraine had wanted to tie in explicit guarantees of continuing US military support. The details are scant but they appear to be absent.
But reaching agreement is a considerable diplomatic achievement on both sides.
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Trump and Zelenskyy – it’s complicated?
The idea of a minerals deal was initially proposed by President Zelenskyy but at times he must have regretted it as acrimonious talks threatened to torpedo US support for Ukraine entirely.
It was meant to have been signed in February before the infamous Zelenskyy-Trump-Vance bust up in the Oval Office.
At one point it looked like an act of extortion. Like gangsters running a protection racket, the US seemed to be demanding all Ukraine’s mineral wealth in return for continued support.
But the terms now look less onerous. Most importantly it seems the Trump administration is not asking retrospectively for the return of billions given by the Biden administration, by means of this minerals extraction agreement.
The turning point in negotiations appears to have been the meeting engineered between Mr Trump and Mr Zelenskyy on the sidelines of the Pope’s funeral in Rome on Saturday. Mr Zelenskyy appears to have persuaded Mr Trump it was a deal worth signing.
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The terms are vague and not detailed but the agreement appears to be more of a long term proposal for joint cooperation over Ukraine’s economic future.
America will invest in exploiting Ukraine’s mineral wealth but also share the profits years down the line.
The signing comes at a crucial time for Ukraine. Its forces are losing ground on the battlefield. And Mr Trump’s efforts to broker peace look decidedly one-sided against them.
Falling in line on this deal was essential for Ukrainians. Whether it saves them from President Trump walking away and ending military support for them anyway, is by no means certain.
Politics
Morgan Stanley eyes crypto rollout for E*Trade platform: Bloomberg
Published
3 hours agoon
May 1, 2025By
admin
Banking giant Morgan Stanley reportedly plans to list cryptocurrencies on its E*Trade investment brokerage and trading platform.
According to a May 1 Bloomberg report, the firm intends to list crypto assets on E*Trade in 2026. The plan is still in early development, and the bank is said to be exploring partnerships with established crypto firms to power the service. Internal discussions about cryptocurrency support reportedly began in late 2024.
This would not be Morgan Stanley’s first exposure to digital assets. The bank’s wealthiest clients have had access to crypto exchange-traded funds (ETFs) and futures for some time, with the firm’s advisers allowed to pitch Bitcoin ETFs since August 2024.
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Regulatory tailwinds push crypto forward
The news follows previous reports that Morgan Stanley was considering adding cryptocurrency trading to its E*Trade online brokerage platform in early January. The reports at the time cited the expectations of a friendlier crypto regulatory environment.
The move comes amid an increasingly favorable regulatory environment in the United States following the election of President Donald Trump, who campaigned on a pro-crypto platform and is personally involved in several blockchain ventures.
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The first 30 days of the Trump administration brought significant changes to the local crypto industry. More recently, US crypto proponents have shown optimism following the swearing-in of pro-crypto Securities and Exchange Commission Chair Paul Atkins.
The SEC had significantly changed its stance even before Atkins took office. In late February, the agency had already paused multiple cryptocurrency enforcement cases with imminent deadlines.
This is a developing story, and further information will be added as it becomes available.
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Environment
Trump rewrites crypto rules in first 100 days, industry celebrates ‘180 pivot’ from Biden years
Published
3 hours agoon
May 1, 2025By
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People walk past an advertisement feature Donald Trump with Bitcoin in Hong Kong.
May James | Lightrocket | Getty Images
As President Donald Trump hit the 100-day mark this week for his second term in office, his approval numbers were lower than for any administration at this point in over seven decades.
Don’t tell that to the crypto community.
Trump ran for office on a promise to make America “the crypto capital of the world.” Those who got behind that message say he’s already delivered, or at least gotten off to a hot start.
A blitz of executive actions, strategic appointments, and early wins, from the creation of a Strategic Bitcoin Reserve to the rollback of enforcement-heavy SEC tactics, has left the industry feeling more welcome in Washington, D.C., than ever.
“Every single appointment — I’m happy with from a crypto perspective,” said Nic Carter, founding partner at Castle Island Ventures. “The previous financial regulatory apparatus was dead set against crypto, and now it’s been a total 180 compared to that.”
President Trump faced early blowback after proposing the possibility of a strategic crypto reserve that would go beyond bitcoin and include other digital currencies like ether, XRP, Solana’s SOL token and Cardano’s ADA. Skeptics said taxpayer dollars shouldn’t be spent on such risky assets. The president soon narrowed the plan to focus solely on bitcoin and made clear he wouldn’t use taxpayer funds to support a government buying strategy.
He’s also been criticized by some for launching a meme coin that’s added billions of dollars in paper wealth to his net worth. The $TRUMP token surged earlier this month after its website announced that top holders would be invited to a private dinner with the president. His family is also involved in other crypto projects.

“It doesn’t really help to have members of his family do encrypted projects of their own,” Carter said. “I understand that they are interested in the industry and want to engage with it, but the optics are not that favorable around that.”
But for the most part, that behavior is being ignored as the crypto industry prefers to focus its attention elsewhere even as the president’s job approval broadly sits at just 43%, according to an average of recent national polls.
At the Office of the Comptroller of the Currency, Jonathan Gould has signaled support for issuing new bank charters to crypto firms. During President Joe Biden’s presidency, that was almost unthinkable.
“We’ll see a lot of new crypto firms getting bank charters,” Carter said. “And new banks getting set up that are expressively focused on crypto and stablecoins.”
The Federal Deposit Insurance Corporation, under interim chair Travis Hill, is also making moves. Crypto fans have applauded his efforts to expose what industry insiders call “Choke Point 2.0,” an alleged coordinated effort by regulators during the Biden presidency to pressure banks into severing ties with crypto.
Paul Atkins, the new chair of the SEC, represents a stark contrast to predecessor Gary Gensler, who was a notorious hardliner when it came to crypto regulations and enforcement. Carter said the SEC under Atkins has already begun working directly with crypto stakeholders, including Castle Island, to craft guidance on token issuance and the line between securities and commodities.
“This is the clarity we’ve been asking for,” Carter said. “Even barring a legislative solution, I think the SEC is going to come out with real guidance around tokens and how a domestic crypto firm can operate.”
Atkins made his first public appearance just four days into the job by opening a crypto roundtable — a move that sent a clear signal to industry participants. Last week, Atkins hosted a half-day session at SEC headquarters in Washington, D.C., focused on crypto innovation and custody. The event took place weeks after the regulator formally dropped its long-running lawsuit against Ripple, a symbolic end to a four-year battle between the SEC and the crypto industry.
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Veronica McGregor, the chief legal officer of Exodus and a participant in the SEC’s crypto roundtable, echoed Carter’s sentiment in calling the approach a “180 pivot.”
“Just having the roundtables are kind of surprising and refreshing,” said McGregor, who contributed to the political advocacy group Stand With Crypto during the 2024 campaign. “Given that we have an administration that is touting itself as pro-crypto and making some changes that need to be made, I would say those donations were strategically placed and are paying off.”
Waiting on the Fed
Trump has tapped Brian Quintenz, currently policy chief for the crypto group at venture firm Andreessen Horowitz, to lead the Commodity Futures Trading Commission.
Carter cautioned that the Federal Reserve remains a “structural holdout.” While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still can’t work directly with crypto firms “unless the Fed says they can,” Carter said.
The FDIC and OCC have rescinded their anti-crypto guidance, but the Federal Reserve has only partially followed suit. A notice from Jan. 2023 continues to restrict banks from certain crypto-related activities.
“The Fed is still the blocker for banks to deal with stablecoins for crypto,” Carter said.
Brian Armstrong, CEO of Coinbase, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.
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Still, the industry has largely gotten what it wants.
Coinbase CEO Brian Armstrong was among the biggest donors in the 2024 election cycle and made it his second job to try and get crypto-friendly candidates elected. Paul Grewal, the company’s legal chief, said the Trump administration has “really flipped the script on crypto.”
“It wasn’t all that long ago that we had an administration that not only was skeptical of this entirely new technology, but was in fact hostile to it,” Grewal said. “Now we have a White House and a wider administration that is not only welcoming of digital assets and blockchain-based technologies, but embracing it in a number of different ways, and that really has stood out in the first 100 days.”
Grewal also pointed to some bipartisan momentum in Congress, including bills on stablecoins and market structure.
“We’ve got one issue, it seems, where the White House, together with Republicans on the Hill, have worked together with Democrats in both houses of the Congress to get digital asset legislation on the move,” Grewal said.
Grewal praised the SEC for soliciting public input and opening the door to industry participation on topics like custody and market structure.
Faryar Shirzad, Coinbase’s chief policy officer, said the administration has already met two core expectations: ending the regulatory crackdown on crypto and working with Congress to deliver clarity.
He said he’s been pleasantly surprised by the scope of the administration’s ambitions to go beyond bitcoin and to integrate blockchain technology across the broader financial system.
“They are moving much more aggressively to try to implement crypto and blockchain technology in the broader capital markets,” he said. At the SEC, he said, that includes tokenizing the equities market and examining how that fits within traditional regulatory frameworks.

Shirzad also noted that bank regulators have begun exploring blockchain-based payment systems. Beyond the $3 trillion crypto market, he said the administration’s target appears to be the $100 trillion capital markets, “and I think that’s something that people should pay close attention to.”
Ripple Chief Legal Officer Stu Alderoty, now president of the National Cryptocurrency Association, said internal data shows that 73% of U.S. crypto holders want to see the country become a global leader in the space.
“The government and the industry can now move out of the courtroom and invest in what the U.S. does best — innovation,” Alderoty told CNBC.
Fred Thiel, CEO of bitcoin mining firm MARA Holdings, pointed to early wins for his slice of the industry. He said the administration’s support for mining technology allows companies “to strengthen the U.S. economy and grid.”
Thiel, who participated in the first White House Digital Assets Summit, praised the swift appointment of pro-crypto officials and the launch of the President’s Council of Advisers on Digital Assets.
Dan Lawrence CEO of OBM, which manages energy use for industrial-scale mining farms, said the administration’s pro-energy stance has made bitcoin a natural tool for incentivizing new power infrastructure.
“Bitcoin is a great way to incentivize the build out of that power,” Lawrence said. “It’s really great to see bitcoin being acknowledged at the federal level.”
WATCH: OCC rescinds key regulatory hurdle for banking system to engage in crypto-related activity

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