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adminIn January, as the 2024 primary season got under way, Representative Ro Khanna stood in the middle of a spacious New Hampshire living room and marveled at the dozens of Democrats who had crammed in. What enthusiasm for President Biden! Khanna said as the crowd cheered. The California progressive wasnt in the land of would-be presidents to promote himselfat least not directly. He came here to boost his partys flagging 81-year-old incumbent.
Khanna represents Silicon Valley, but hes lost count of how many times hes been to New Hampshire; a local Democrat introduced him to the room as the fifth member of our congressional delegation. He told me he initially felt sheepish about coming back after he stumped here for Bernie Sanders four years ago, worried that people would assume he wanted to run for president. Hes gotten over that.
I spent a day driving across the state with Khanna as he made the case for Joe Biden as a write-in candidate. Before voters and the cameras, Khanna was a loyal surrogate, hailing Biden as a champion for the middle class, the climate, and abortion rights, while insisting that the president still has plenty of support. Back in the car, however, his worries and frustrations spilled out. Khanna is 47, three decades younger than the two men set to be on the ballot in November. Hes waitingnot altogether patientlyfor the decks to clear, for the Biden and Sanders generation to finally retire. We havent been driving a clear message, Khanna told me. We have to have a better message on the economy, and we have to have a better message on immigration.
The proximate cause of Khannas distress was the bipartisan southern-border compromise that was then emerging from the Senateand which, at the behest of former President Donald Trump, Republicans promptly killed. Khanna wasnt a fan of the deal. He had wanted Biden to give a rousing speech about why immigration matters to America; instead, the president was about to give Republicans almost everything they wanted. Youve got no affirmative case, Khanna told me. Theres nothing. Theres a void. Whats missing, he said, is an aspirational vision.
Heres Khannas. He wants to marry the forward-looking spirit of the companies founded in and around his districtGoogle, Apple, Teslawith the traditional middle-class values of his suburban upbringing in Bucks County, Pennsylvania. And he wants to inspire a new economic patriotism to rebuild Americas industrial base with climate-friendly technologya project that he hopes will bring manufacturing jobs back to the Rust Belt, and working-class voters back to the Democratic Party.
A representative from Americas tech capital is an unlikely avatar of nostalgia, but Khanna speaks with as much longing for the countrys past, and his own, as any politician. He sees himself as a bridge between the nations faded industrial might and its digital future, appealing to a set of often-warring constituencies: progressives and pragmatists, tech capitalists and the working class, climate activists and coal country.
Khanna got his start in politics working for Barack Obama, who clearly serves as a model: a progressive who proposed transformative change without alienating too much of the country. The divide that Khanna wants to cross extends beyond the factions of the Democratic Party; its geographic, economic, cultural, technological, generational. And its wider than the one Obama faced. The nation that embraced the former presidents message is now even more polarized and dug-in.
Sometimes Khannas project seems naive, as though hes trying to be everything to everybody at a time when nobody agrees on anything. But he believes that to defeat Trump and build a coalition that can survive beyond November, Democrats must offer an agenda that can excite the voters who have soured on the president and their party. Khanna wants to run for president on his vision one dayas soon as 2028but his more urgent quest is trying to get his party to adopt it now. Do I think I have a compelling economic vision for this country, for the party? Yes, he said. Do I mind if the president steals all of it? Absolutely not.Congressman Ro Khanna of California greets a student at Council Rock North High School, in Newtown, Pennsylvania, where he also went to school.
If you recognize Khanna, youve probably seen him on cable news; he told meand this was a point of pridethat he goes on Fox News more than nearly any other House Democrat. Early in his presidency, Biden was so impressed with Khannas cable appearances that he asked Ron Klain, his chief of staff at the time, to schedule more TV hits for Khanna. Well, Mr. President, Klain replied, I think he does a pretty good job getting on TV all by himself.
Khannas willingness to engage the right has gained him an audience that many Democrats have ignoredand the unofficial title of Congresss ambassador of Silicon Valley. He frequently visits rural districts where GOP members of Congress seek investments from lucrative tech giants. (Khanna isnt shy about getting tech executives on the phone. I joke sometimes that Im going to try to discover the limits of Ros Rolodex, Representative Mike Gallagher, a Wisconsin Republican who serves with Khanna on the House select committee on China, told me.)
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Khanna is also more willing than other progressives to work on legislation with Republicans, having co-sponsored bills with staunch Trump supporters and lawmakers who voted to overturn the 2020 election. Two months after the January 6 assault on the Capitol, Khanna appeared on Fox News alongside Representative Matt Gaetz of Florida and bragged about their legislation to reduce money in politics and end U.S. involvement in forever wars.
Khanna has a risk tolerance that I think is rare for most members, Gallagher, who is resigning from the House this month, told me. He recounted a meeting that he and Khanna had with Elon Musk last year, in which Khanna got the billionaire to host a live event with them on his social-media platform. Im not sure how many Democratic members would be able to do that, Gallagher said. Or be willing to.
Khanna occupies an ideological space to the left of Biden but just to the right of progressives like Sanders and Representative Alexandria Ocasio-Cortez of New York, who identify as democratic socialists. He supports Medicare for All, tuition-free public college, and tax increases on high earners. But he also made plenty of money as a lawyer representing tech firms, and Khanna is not about to say that billionaires should not exist, as Sanders has. He defines himself as a progressive capitalist, and he believes progressives should frame wealth as a feature, not a bug, of the American system. The progressive movement has to talk about a vision of production, a vision of wealth generation, Khanna said.
The policy that best exemplifies this is Khannas push for federal investment in manufacturing technologies such as green steel and clean aluminum, which he sees as a way of reindustrializing the Rust Belt while minimizing carbon emissions and air pollution. After months of negotiations with environmental groups, labor unions, and manufacturers, Khanna is planning a trip later this spring to Johnstown, Pennsylvania, to unveil legislation that would spend billions to build steel plants in former industry hubs. (The bill will have at least one Republican co-sponsor from the region, he told me.) He thinks it will capture the imaginationa favorite Khanna-ismof voters longing for America to reclaim its status from China as the worlds great manufacturer.
Were living in a time of big ideas, of big moments, Khanna told me. And I think we need a big vision to meet the times. Hes worried, though, that Bidens ambitions are only getting smaller. After two years of sweeping legislative accomplishmentsa $1.9 trillion COVID-relief bill, $1.2 trillion for infrastructure, the most significant climate bill in American historyBiden has, in the face of a more hotile Congress, scaled back his domestic-policy goals. Among the objectives that the president dwelled on longest during his recent State of the Union address were fighting junk fees and restoring the number of chips in a snack bagnot exactly the stuff that captures imaginations.Ro Khanna speaks to students at Council Rock North High School.
No issue has tested Khannas ability to satisfy all of his partys factions more than Israels military campaign in Gaza. Khanna called for a cease-fire seven weeks after the Hamas attackmuch later than some of his progressive colleagues, and much earlier than Biden, who resisted that demand until last week, when the U.S. allowed a United Nations resolution backing a one-month cease-fire to pass.
Seven weeks was too long for many of Khannas supporters. One of his top political staffers resigned in protest in mid-October, and when demonstrators staged a sit-in at his office near the Capitol, one of Khannas interns joined them on the floor. By November, even his mother, Jyotsna, was getting on his case. I wanted him to declare much sooner, she told me.
Khanna is still not as critical of Israel as some on the left; he doesnt describe its campaign in Gaza as genocide or ethnic cleansing. But as Palestinian casualties have increased, hes called more forcefully for Biden to demand that the Netanyahu government halt its shelling of Gaza. We have a lot of levers that we havent used, Khanna told me.
In February, Khanna traveled to Michigan, trying to persuade the states large Arab American population to support Biden despite his own reservations about the presidents approach to Israel. A few days after Khannas visit, more than 100,000 Michigan Democratsabout 13 percent of the primary electoratemarked uncommitted on their ballot in protest of Bidens Israel policy. Khanna urged the Biden campaign to take their message seriously. The party cant afford to have the war still going on during the Democratic convention, he told me. Youd have mass protests.
The presidents advisers insist that the White House has no problem with Khannas critiques. They see him as exerting pressure in the right wayrespectfully, not causticallyand serving as a conduit to younger, more progressive voters Biden needs to turn out in November. The fact that Ro sees some issues differently than the president makes him an effective surrogate, Klain told me. That gives him credibility.
Some progressives see Khanna differently, not as a bridge between generations but as an ambitious politician cozying up to power brokers. He walks a fine line, one official with a prominent left-leaning group told me on condition of anonymity to avoid criticizing an ally. For now, Khannas close ties with the Democratic establishmentBiden and Obama in particularare politically useful. But soon, the official noted, many progressive voters will want a sharp break with the two men, and Khannas proximity to his partys past could cost him.Ro Khanna signs a copy of his book Dignity in a Digital Age for Gretchen Raab, his ninth-grade English teacher, at Jake’s Eatery, in Newtown, Pennsylvania.
Khanna wasnt visiting early presidential-primary states solely to promote Biden. In between events in New Hampshire, Khanna met privately with leaders of the states largest labor union and a Democratic candidate for governor, people whose endorsements he might seek in a few years. Democratic activists alluded to his candidacy in 2028 as if it were a certainty. Khanna isnt about to announce a campaign more than four years outWho knows what the future holds? is his stock reply to questions about his plansbut he does nothing to dispel the assumptions that hell run.
When I asked party activists which Democrats they were excited to see more of after this election, some of them mentioned Khanna. More often, however, they cited bigger names with bigger jobs, such as Governors Gretchen Whitmer of Michigan, Gavin Newsom of California, and Josh Shapiro of Pennsylvania, as well as Vice President Kamala Harris and Pete Buttigieg, the transportation secretary. In New Hampshire, a few Democrats even mentioned Representative Hakeem Jeffries of New York, the House minority leader. As a compelling speaker, Khanna would hold his own on a primary-debate stage, but could he make it into the top tier of candidates?
Damon Linker: Democrats should pick a new presidential candidate now
Only James Garfield went directly from the House to the White House, and that was 143 years ago. But Khanna seems undeterred. As he often notes, his district contains some $10 trillion in market value, giving him a bigger platform than most representatives. There are a lot of very, very high-profile House members that I think have an equivalent impact on the national debate as the Senate, he said. I think the rules of traditional politics have changed.
Among many progressives, the heir to the movement Sanders createdand the dream presidential candidateis AOC. She occupies her own space, says Joseph Geevarghese, the executive director of Our Revolution, the political group started by veterans of Sanderss 2016 campaign. Ro is not quite there yet, but he could be.Ro Khanna listens to his former social-studies teacher Derek Longo.
As Khanna tries to make a national name for himself, voters will hear as much about Bucks County, Pennsylvania, as they do about California. Khanna remains nostalgic for the America that welcomed his parents from India in the 1970s. After graduating from the University of Michigan, his father became a chemical engineer and settled in Pennsylvania. Aside from two years in India, Khanna spent his childhood in a town about 45 minutes north of Philadelphia that offered him a quintessential middle-class upbringingLittle League baseball, Eagles football games, well-funded public schools. Khanna was one of just a few Indian American students in a large, almost entirely white high school, but he doesnt remember experiencing any discrimination. My faith in the country comes from here, Khanna told me.
He insisted on giving me a tour of the county, now one of Americas most closely watched political bellwethers. His staff had arranged for him to speak at his alma mater, where he took an hours worth of questions from some of the schools more politically informed students. They asked about steel manufacturing, the threat of China invading Taiwan, and how he reconciles his support for aid to Ukraine with his votes against defense spending. The exchanges were more substantive than many congressional hearings.
A couple of students pressed him on why the nations leaders, and in particular its two likely presidential nominees, were so old. Theres a lot of frustration with the gerontocracy, he acknowledged. Theres a need for a new generation. Im hopeful that will happen in the next cycle, that we will see very, very talented new voices emerge.
None of the people I met in Bucks County who knew Khanna as a teenager was surprised that hed ended up in Congress. Two of his teachers presented him with papers and clippings from his school days that they had kept for more than 30 years. We met Gretchen Raab, who taught Khannas ninth-grade English class, at a local diner, where she recalled thinking that he would become the first Indian American president. (Khanna seemed embarrassed by this disclosure, but only slightly.)
Khanna was civically engaged by the time he started high school, which he attributes at least partly to his family history. His maternal grandfather was active in Mahatma Gandhis independence movement, serving time in jail before becoming a member of the Indian Parliament. Khanna joined his schools political-science club and once played then-Senator Joe Biden during a mock foreign-policy debate. His opposition to U.S. military adventurism started around this time: Raab raved about the op-ed that Khanna sent, as part of a class assignment in 1991, to the local newspaper arguing that President George H. W. Bush should not invade Iraq.
As an undergraduate at the University of Chicago, hanna volunteered for the state-Senate campaign of a lecturer at the law school, a 35-year-old Democrat named Barack Obama. Several years later, when Khanna was contemplating his own first run for office in 2001, he emailed Obama, who advised him to avoid running in a big state. (Obama had just lost a congressional primary in Illinois.) Khanna ignored him and moved to California, where he challenged a 12-term incumbent in a 2004 House race. Like Obama, Khanna got crushed. He would go on to work for Obamas administration before finally winning a seat in Congress on his third try, in 2016.
After Khanna finished talking with the students, he and I squeezed into desk chairs inside a small classroom and spoke with Derek Longo, one of Khannas history teachers. Longo described how a long-ago visit to the American cemetery in Normandy made him want to teach history. Khanna asked him what he thought about the rise of Trump.
Perhaps Khanna was expecting his teacher to talk about the threat Trump poses to democracy. Instead, he revealed something Khanna didnt know: Longo voted twice for Trump. He praised Trumps business background and told us that he worries about urban crime. In 2017, his daughter and son were struck by a driver under the influence of heroin as they were standing on a sidewalk in New Jersey. Longos son spent months in intensive care, and his daughter, who was seven months pregnant, didnt survive. Under state law, prosecutors couldnt charge the driver with a double homicide because Longos granddaughter wasnt born. The driver pleaded guilty to a lesser charge of vehicular homicide. Hes due to be released from prison next year.
The tragedy hardened Longos views on crime and abortion. I could not vote for President Biden, he said. Khanna sat quietly as Longo spoke. One of the challenges we have as a country is we have a wrong stereotypical view of the Trump voter, Khanna said to us after the conversation had moved on. The Trump voter includes possibly the teacher you most respect.
Longo spoke highly of Khanna, praising his slogan of progressive capitalism and his push to use technology to create economic opportunity. He even said he might be able to vote for Khanna one day. A Trump-Khanna voter! Khanna marveled.
That moment of exhilaration had faded by the time we got back to the car. Khanna conceded that Longo wouldnt consider voting for him if he hadnt been a former student. Yet he was exactly the kind of voter, Khanna said, that Democrats need to figure out how to reachthe Trump supporters who might respond to a progressive economic plan. That someone like Longo, so turned off by the Democrats now in power, will listen to his messageand even consider voting for himseemed like an affirmation of Khannas vision. That he still wasnt sold on his cherished former student, however, might be a sign of its limits.

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Environment
White House crypto czar David Sacks says stablecoin bill will unlock ‘trillions’ for U.S. Treasury
Published
3 hours agoon
May 21, 2025By
admin
U.S. President Donald Trump sits next to Crypto czar David Sacks at the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.
Evelyn Hockstein | Reuters
President Donald Trump‘s top crypto and AI advisor David Sacks said Wednesday that the administration expects the stablecoin legislation moving through the Senate to pass with “significant bipartisan support,” and claimed it could unlock demand for U.S. Treasuries.
“We already have over $200 billion in stablecoins — it’s just unregulated,” Sacks told CNBC’s “Closing Bell Overtime.” “If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly.”
The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. With 15 Democrats voting for the bill to pass the cloture threshold this week, the proponents have the votes necessary to avoid a filibuster.
“We have every expectation now that it’s going to pass,” added Sacks, though he didn’t answer a question about concerns from Democrats that there aren’t sufficient safeguards in place to keep the president and his family from profiting from legislation.
Read more about tech and crypto from CNBC Pro
Democrats previously rejected the GENIUS Act in part on concern that President Trump’s personal cryptocurrency ventures, including his own meme coin and a stablecoin from his family’s crypto business, created an unprecedented conflict of interest.
Unlike digital assets such as bitcoin, which can trade wildly, stablecoins are a subset of cryptocurrencies whose value is tied to that of a real-world asset, like the U.S. dollar. Bitcoin hit a new record on Wednesday, nearing $110,000.
Tether, which is banked by Cantor Fitzgerald in the U.S., controls more than 60% of the stablecoin market. Deutsche Bank found that stablecoin transactions hit $28 trillion last year, surpassing that of Mastercard and Visa, combined.
Sacks, who has emerged as a powerful policy voice inside Trump’s inner circle, framed the GENIUS Act not just as a crypto breakthrough but as a national economic strategy.
“Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy,” he said. “It also extends the dominance of the dollar online.”
The White House has aggressively backed the effort, even as concerns mount over the president’s potential conflicts.
While Sacks sold $200 million in crypto-related holdings before taking his White House job according to a disclosure filing, Trump and his family have been leaning into building a crypto empire.
The Trumps are financial backers of World Liberty Financial, which just launched its own stablecoin — USD1 — backed by Treasuries and dollar deposits.
Abu Dhabi’s MGX investment fund recently pledged $2 billion in USD1 to Binance, the world’s largest digital assets exchange. It’s the company’s largest-ever investment made in crypto.
Still, the path to passage isn’t entirely smooth. Senator Josh Hawley, R-Mo., added a controversial rider to the bill that would cap credit card late fees — what’s seen as a poison pill that could alienate banking allies and stall final approval.
WATCH: Trump’s growing crypto empire raising conflict of interest concerns

Environment
Trump wants to kill ENERGY STAR – here’s how that impacts you
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4 hours agoon
May 21, 2025By
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The Trump administration wants to pull the plug on ENERGY STAR, the federal program behind those familiar blue labels on energy-efficient appliances, homes, and buildings. Launched in 1992, ENERGY STAR has saved Americans more than $500 billion in energy costs while slashing greenhouse gas emissions.
To dig into what this means for everyday Americans, we spoke with Rebecca Foster, CEO of clean energy nonprofit Vermont Energy Investment Corporation (VEIC), which has spent decades working to make homes, schools, and businesses more energy efficient.
Electrek: What is the ENERGY STAR program, and what are the benefits for consumers?
Rebecca Foster: It’s simple: ENERGY STAR helps customers and businesses save energy and reduce costs. The program does this by clearly labeling which products are energy-efficient options. It’s a certification of confidence – it does not dictate efficiency standards. The program was created in 1992 by President George H.W. Bush and has enjoyed decades of bipartisan support.
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The brand has become the backbone of energy efficiency across the country. ENERGY STAR is a recognized and reliable mark of efficient appliances and electronics that lower costs and improve indoor air quality. The ENERGY STAR label has also expanded to include efficiency standards for weatherizing homes and certifying when new buildings are constructed to high efficiency standards. Utilities benefit from ENERGY STAR, too – with more efficient appliances and systems plugged in, they are better able to manage the grid and decrease costs for customers.
The main benefit to consumers is significant savings through energy efficiency. A typical home can save around $450 a year on their energy bills by choosing ENERGY STAR-certified products, according to a Lawrence Berkeley National Laboratory estimate. Lower-income households spend a greater proportion of their budget on energy, so losing that savings will be felt especially hard by these families. Energy efficiency programs that VEIC administers, including Efficiency Vermont, Efficiency Smart, and the DC Sustainable Energy Utility, have incorporated ENERGY STAR certifications into their rebates and educational materials for decades. The ENERGY STAR certification is an easy way to let people know which products are eligible for rebates and encourage folks to choose the more efficient option by making it more affordable with incentives. Combined, these programs have delivered more than $694 million in customer incentives since 2000, resulting in over $5.6 billion in lifetime customer savings.
Evaluations of the ENERGY STAR program show it saves US households about $40 billion a year nationwide – and has delivered about $500 billion in savings since it began. All for a program that costs the government just $30 million annually. According to the Consortium for Energy Efficiency‘s 2022 survey, where I worked for over a decade prior to joining VEIC, nearly 90% of US households report recognizing the ENERGY STAR label and almost half (45%) report knowingly purchasing an ENERGY STAR-certified product or home within the last 12 months.
Electrek: How would ending the ENERGY STAR program hurt consumers at a national and regional level?
Rebecca Foster: Efficiency labels and education from ENERGY STAR leads to more affordable energy bills for customers. Ending the program means less clarity and guidance for how to choose the more efficient option, which means higher costs month after month. Households are increasingly opting for more efficient, all-electric clean technologies like cold climate heat pumps for heating/cooling and EVs for their transportation needs. That means efficiency will become even more important for households to maintain lower electricity use. So, losing ENERGY STAR now will really cost Americans more in the short and long term.
Regionally and on a local level, getting rid of ENERGY STAR could disrupt energy efficiency programs run by states, utilities, and third-party administrators that rely on the ENERGY STAR label for rebates. It could also hurt manufacturers, distributors, and contractors who have built their businesses around providing and installing more efficient equipment. Existing lists of qualified products will quickly become out of date as new models and new technology enter the market. We could see programs in different states or run by different entities come up with confusing or competing standards for their rebates, making it more difficult for people to save energy.
All of these impacts hurt consumers, especially at a time when families and businesses are already struggling to keep up with rising costs.
Electrek: What sort of impact would ending this program have on the grid?
Rebecca Foster: A stable electric grid is more important than ever as we see growing electricity demand due to data centers and AI and an increasing reliance on electricity to meet more of our daily needs. ENERGY STAR has been the backbone of energy efficiency across the country for decades, and it’s delivered the more efficient lighting, appliances, and heating systems that are in use today in countless homes. Efficiency is a major reason why US electricity demand has been flat for the last two decades, according to the EIA.
As we see the electrification of our transportation and heating sectors, we’re also going to see unprecedented growth in electricity demand – an 11% increase in New England alone over the next decade, according to ISO New England. That’s part of a 50% increase in demand nationally by 2050, according to the National Electrical Manufacturers Association.
Losing ENERGY STAR would slow down and complicate management of the grid because efficiency contributes to a stable and optimized grid. It also helps avoid the costly expansion of transmission projects by reducing demand without asking customers to make large behavioral changes.
A more efficient grid can also avoid investing in new fossil fuel power generation, like natural gas power plants, helping meet state and regional goals for clean energy and emissions reductions. ENERGY STAR is a great tool for realizing an efficient, electrified future. Ending the program will put a greater burden on grid operators and utilities by taking away one of the most effective tools in the toolbox for addressing rising energy demand: customer participation.

Rebecca Foster is VEIC’s CEO. Heading up the executive leadership team, Rebecca guides the nonprofit’s strategic planning, business development, and performance across its contracts nationwide. With nearly 25 years of experience in the clean energy industry, Rebecca is a seasoned leader dedicated to the organization’s mission of generating the energy solutions the world needs.
VEIC is a national clean energy nonprofit that delivers high-impact energy solutions focused on equity and innovation. Since 1986, VEIC has been recognized as a leader in decarbonization strategies, working with governments, utilities, foundations, and businesses to reduce GHG emissions and create a sustainable energy system that benefits everyone.

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VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph.
The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence.
Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said.
The fund will be managed by the team behind VanEck’s Digital Assets Alpha Fund (DAAF), which oversees more than $100 million in net assets as of May 21.
“The next wave of value in crypto will come from real businesses, not more infrastructure,” Pranav Kanade, portfolio manager for DAAF, said in a statement.
Related: Tokenized stocks could top $1T in market cap — Execs
Thematic crypto funds
VanEck’s PurposeBuilt Fund is the latest in a series of funds from the asset manager and rivals designed to offer exposure to projects and companies in fast-growing segments of Web3.
On May 14, VanEck launched a new actively managed exchange-traded fund (ETF) to invest in stocks and financial instruments providing exposure to the digital economy.
In April, VanEck launched another ETF investing in a passive index of companies operating in the crypto space.
Asset managers such as VanEck are requesting the US Securities and Exchange Commission’s (SEC) permission to list upward of 70 crypto ETFs.
The wave of ETF filings is in response to US President Donald Trump softening the agency’s regulatory stance toward crypto after Trump took office in January.
Avalanche RWA ecosystem
Avalanche has emerged as a hub for real-world assets (RWAs) and other institutional-oriented crypto projects.
Its interrelated networks, called subnets, allow institutions to run Ethereum-style smart contracts in a controlled environment. On May 16, Solv Protocol launched a yield-bearing Bitcoin token on the Avalanche blockchain, targeting institutional investors
Avalanche has around $1.5 billion in total value locked (TVL) as of May 21, according to data from DefiLlama.
“We’re seeing a shift away from speculative hype toward real utility and sustainable token economies,” John Nahas, chief business officer at Ava Labs, said in a statement.
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