Whether a glass is half full or half empty is a matter of perspective. The same can be said about the half of Americans who oppose the idea of allowing presidents to rule unilaterallyan exercise of monarchical power favored by only a fifth of us. I like to look on the bright side, so I take it as a win that those opposing unrestrained executive power far outnumber those who favor it. Still, it would be better if, in a republic established two and a half centuries ago, more than half the population would commit to the proposition that turning the country into a dictatorship would be bad.
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Δ Opponents of Dictatorship Outnumber Supporters
“About half of the public think it would be a bad idea if the next president is able to act on important policy issues without the approval of Congress or the courts,” the AP-NORC Center for Public Affairs Research reports of the results of a survey of 1,282 adults conducted March 21-25. “Only 21% think it would be a good thing, and about 30% think it’s neither good nor bad.”
In the poll, 48 percent overall oppose unilateral presidential rule, including 58 percent of Democrats and 45 percent of Republicans. The 21 percent favoring the idea include 17 percent of Democrats and 26 percent of Republicans. Support for unrestrained executive power rises to 39 percent among Democrats in the case of a Biden win in November, and to 57 percent of Republicans if Trump wins.
Interestingly, the AP-NORC results are nearly identical to those found by the University of Virginia’s Center for Politics in 2021. At the time, pollsters reported “roughly 2 in 10 Trump and Biden voters strongly agree it would be better if a ‘President could take needed actions without being constrained by Congress or courts.'” Among Biden voters, 22 percent strongly agreed with the idea, compared to 19 percent of Trump voters (over 40 percent of both at least “somewhat agreed” with the idea of an unrestrained presidency).
In 2020, the Democracy Fund Voter Study Group noted: “Over three annual surveys, about 24 percent of Americans say that a ‘strong leader who doesn’t have to bother with Congress and elections’ is a good way to govern a country.”
The good news here is that surveys find a pretty consistent minority of only one-fifth to one-quarter of Americans favor throwing off this whole separation of powers thing in favor of dictatorship. It’s a fraction of the population that seems firm in its batty beliefs but doesn’t appear to be growing.
The bad news is that the citizens of a 250-year-old democratic republic are so lukewarm about the country’s system of government that only about half of them can summon up opposition to the idea of unilateral rule. That almost a third of survey respondents think unilateral presidential rule is “neither good nor bad” isn’t a ringing endorsement of the system. Then again, most don’t think the system works. The System Isn’t Working if My Side Isn’t Winning
“About half of the public, regardless of party identification, say the system of checks and balances dividing power among the president, Congress, and the courts is not working well these days,” adds AP-NORC. Only around one in ten say it is working extremely or very well.
That reflects frustration with institutions that are in the hands of political opponents. Among Republicans, 46 percent say the presidency has too much power (16 percent of Democrats agree), while 58 percent say federal agencies (currently under the control of Democratic President Joe Biden) have too much power (20 percent of Democrats agree). Fifty-eight percent of Democrats think the Supreme Court, which has a conservative majority, has too much power (25 percent of Republicans agree). At 37 percent and 38 percent respectively, nearly identical numbers of Democrats and Republicans say the divided Congress is too powerful.
In January, Gallup reported that “a new low of 28% of U.S. adults are satisfied with the way democracy is working in the country.”
That matches a separate AP-NORC report, published April 3, that “only 3 in 10 think democracy in the United States is functioning well, while about half believe it is a poorly functioning democracy.”
“Typically, partisans have been more satisfied with the way democracy is working when a president from their preferred party has been in office,” Gallup added.
It’s not unreasonable to interpret such polling results as evidence that too many Americans think the system is working well only when it’s under the control of their political faction. Unless they can jam their preferred laws and policies down the throats of neighbors with different ideas, they call the system a failure and look for alternatives. Fortunately, only a small minority are willing to go so far as to support dumping the whole system in favor of an actual dictatorship by their chosen el jefe. Unfortunately, the presidency is creeping in the direction of satisfying that minority. The Presidency Is Already Almost an Elective Monarchy
“Over the past several decades, as our politics took on a quasi-?religious fervor, we’ve been running a dangerous experiment: concentrating vast new powers in the executive branch, making ‘the most powerful office in the world’ even more powerful,” Gene Healy, a vice president at the Cato Institute and author of The Cult of the Presidency, wrote for Reason’s May issue. “Fundamental questions of governance that used to be left to Congress, the states, or the people are now settled, winner-take-all, by whichever party manages to seize the presidency.”
Only a small minority of Americans actually favor turning the presidency into an elective monarchy, but we’re all getting it anyway. That’s because many people ask far too much of a government that was originally designed to be limited in its role and hobbled by checks and balances. As the most recognizable face of that government, they expect the president to fulfill unreasonable expectationsand grant ever-greater power to the position so current officeholders can try.
“Recent presidents have deployed their enhanced powers to impose forced settlements on highly contested, morally charged issues on which Americans should be free to disagree,” notes Healy.
A lot of our political discourse focuses on the specific flaws of the individuals who vie for high office, as if ridding ourselves of Orange Mussolini or Bumbling Brandon will resolve America’s political problems. But the danger lies less in the candidates than in voters who use politicians as vehicles for their awful expectations and frankly authoritarian agendas.
It’s encouraging that a majority of Americans don’t want to live under a dictatorship. If only they’d stop acting in ways that are bound to bring one about.
The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.
Bitcoin (BTC) rose to an over two-month high of $97,300 last seen at the end of February, before the “Liberation Day” tariffs announcement in the US, bolstering analyst predictions for a rally driven by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.
Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.
Total crypto market cap, 1-year chart. Source: CoinMarketCap
In the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world’s second-largest blockchain network.
Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise exec
Bitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.
“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.
Gold is currently the world’s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.
Top 10 global assets by market capitalization. Source: CompaniesMarketCap
For the 2025 market cycle, Bitcoin may surpass $200,000 in the “base case” and $500,000 with more governmental adoption, Dragosch said.
Eric Trump: USD1 will be used for $2 billion MGX investment in Binance
Abu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump’s family to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.
The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.
MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.
MGX announced its investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.
At the time, Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.
This marks the Abu Dhabi-based investment firm’s first venture into the cryptocurrency space.
Ethereum to simplify crosschain transactions with new token standards
Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.
“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.
“The result? A messy, inconsistent experience that breaks crosschain UX,“ Wonderland stated.
Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.
Wonderland’s ERC-7828 and ERC-7930 explanation post. Source: Wonderland
In the post, the organization shared what was discussed at a recent Ethereum Foundation interoperability working group call. Teddy from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:
“We badly need feedback on the ETH-Magicians forum.”
Crypto hackers hit DeFi for $92 million in April as attacks double from March
Cryptocurrency hackers stole more than $90 million in April, dealing another blow to the industry’s mainstream reputation despite ongoing efforts to improve cybersecurity.
Hackers made off with $92 million of digital assets across 15 incidents in April, according to an April 30 research report by blockchain cybersecurity firm Immunefi.
The total marks a 124% month-over-month increase from March, when hackers stole $41 million.
Crypto stole in April 2025. Source: Immunefi
The month’s largest hack on open-source platform UPCX accounted for most of the damage in April, with over $70 million in losses, while KiloEx lost $7.5 million as April’s second-largest hack.
All of April’s reported attacks targeted decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents during the month, the report noted.
Top 10 losses in April. Source: Immunefi
Immunefi, which says it helps protect $190 billion in user funds, has paid more than $116 million in bounties to white hat hackers.
Crypto group asks Trump to end prosecution of crypto devs, Roman Storm
The crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.
In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.”
The letter specifically mentioned the prosecution of Storm, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.
The DeFi Education Fund said that in Storm’s case, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”
The group also called for the recognition that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance from Trump’s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters.
“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it also “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”
In January, a federal court in Texas ruled that the Treasury overstepped its authority by sanctioning Tornado Cash.
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Virtuals Protocol (VIRTUAL) token rose over 103% as the week’s biggest gainer, followed by the Solayer (LAYER) token, up over 29% during the past week.
Total value locked in DeFi. Source: DefiLlama
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Swift Current Energy’s 800-megawatt (MW) Double Black Diamond Solar is up and running about 30 miles west of Springfield. It’s now the largest operating solar farm east of the Mississippi, and it’s set to make a serious dent in emissions while delivering clean energy to major customers, including the City of Chicago.
Chicago is sourcing around 70% of the power for its municipal operations from Double Black Diamond. That includes big energy users like O’Hare and Midway airports. Other customers buying power from the solar farm include CVS Health, Loyola University Chicago, PPG, State Farm, TransUnion, and Cook County, all through the energy company Constellation NewEnergy.
This project has been a long time coming – Swift Current started development in 2018 and leaned into a growing US supply chain. The company sourced most of its 1.6 million solar panels from First Solar’s Ohio factories, and the racking came from Nextracker, which used US-made steel and did some of the manufacturing in Chicago. Construction created around 500 jobs.
Double Black Diamond also met Illinois’ Clean and Equitable Jobs Act (CEJA) standards for labor and hiring, creating job opportunities for a broader group of workers. Over its lifetime, the solar farm is expected to generate $100 million in local tax revenue for Sangamon and Morgan counties. About 60% of that will go toward public schools, with the rest helping fund public safety, infrastructure, and community programs. Swift Current is also putting $10 million into community benefit programs, including school districts and local governments.
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Chicago Mayor Brandon Johnson called the project “a powerful example of why we believe in the green economy.” He said the solar farm helps Chicago cut emissions, supports good union jobs, and lowers energy costs for city operations.
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Range Energy, a company which builds large-battery electric trailers to help fleets electrify at the drop of a hat, has announced partnerships with Thermo King and ESL Power Systems to bring its technology to refrigerated trailer units.
The idea behind Range’s product is that it adds a battery and an electric motor e-axle to a semi truck trailer, instead of to the tractor itself, which means that a fleet can add electric capabilities without having to buy new tractors. This means the fleet can effectively hybridize its operation without having to buy new tractors.
While this isn’t a fully electric solution, it can still reduce fuel usage by a large amount (independent tests say 36%), and adds new capabilities to a truck – like better control over the trailer and regenerative braking to avoid brake fade.
We met Range at ACT Expo in Anaheim two years ago, where they gave us one of the coolest demos we’ve seen. Just by attaching to a tractor’s kingpin, the system can decide how much power to apply and offers extremely natural feeling movement, making a heavy trailer feel light as a feather:
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Range isn’t quite up to production yet, but they have done some trials. In addition to the independent testing above, Range trialed its technology with Petaluma Egg Farm, up in Northern California, where it says the company saw a 50-70% improvement in MPG for the trucks using Range’s electric trailer.
But the company is still working to find novel applications for its technology, and when we caught up with them at ACT Expo this week, they wanted to focus on how Range trailers could be used for refrigerated freight in order to cut emissions and reduce the need for a separate engine to run the reefer unit.
In service of this, it has partnered with two companies in the refrigeration space – Thermo King, the biggest name in electrified trucks, and ESL Power Systems, a company that manufactures shore power solutions for heavy industry.
Range said Thermo King came to them because they’re the only company with enough energy storage to be able to run a refrigerated unit for an extended period of time. While there are other companies doing electrified refrigerated trailers, Range’s trailer has a much larger 288kWh battery (since it also works as a traction battery for the trailer’s electric motor).
This means it has a lot more energy on board to run a refrigeration unit, which can draw ~5-20kW depending on several factors. Range told us that fleets have told them this would be enough energy to keep the trailer box cold for a full day while unplugged from shore power, even in hot temperatures.
And that’s a big deal, because heretofore, refrigerated units have mostly run with an additional small diesel engine. Removing that engine means less pollution, less diesel usage, more noise, less maintenance, and it also means the refrigerated unit could operate in more environments (for example, you don’t want a running engine indoors if you can avoid it – but an electric unit doesn’t have to deal with that).
Speaking of shore power, that’s what Range is working with ESL to implement. ESL creates small, modular shore power systems which are easier to install, helping fleets save on infrastructure upgrade costs. Their boxes can deliver high-powered 480V 3-phase AC charging.
Plugging into one of these would allow the Range Energy trailer to charge at up to 50kW or so, meaning a 5-6 hour charge time for the 288kWh battery.
Range has already trialed its partnership with Thermo King, in the Petaluma Egg Farm example given above. Although the ESL partnership is newer, and those will be trialed soon.
Range is targeting the end of this year, or possibly the start of next year, for its first customer deliveries.
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