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More than two hours into Republican former President Donald Trump‘s “state of crypto” event on X Monday night, the team behind the Trump family’s new crypto project finally unveiled a key detail: Who can buy the forthcoming tokens it plans to release, and how shares of the project will be allotted.

For over a month, the former president and his family have been pumping up a project called World Liberty Financial, promising that it will do many things at once.

Lofty descriptions from those involved Monday night suggest that “World Liberty Financial” will be a sort of crypto banking platform, where the general public would be encouraged to borrow, lend and invest in crypto.

There will also be an accompanying token called WLFI, founders said Monday.

According to founder Zak Folkman, the equity structure for these tokens will be: 20% of the project’s tokens allotted to the founding team, which includes the Trumps, 17% of tokens set aside for user rewards, and the remaining 63% of the coins to be made available for the public to purchase.

There will be no pre-sales or early buy ins, Folkman said.

An earlier leaked draft of an internal project outline had the founders’ share at 70%, sparking concerns that the project would be little more than a get-rich-quick scheme.

The token will be a Reg D token offering, which follows the Securities and Exchange Commission’s Regulation D — a provision that makes it possible for a company to raise capital without first registering their securities with the commission so long as certain conditions are met.

These were themes Trump covered in a conversation early in the more than two hour call, talking about the perceived hostility of the Securities and Exchange Commission towards the digital currency industry.

Several high profile figures in the industry take issue with SEC Chair Gary Gensler, claiming that he is regulating the industry through enforcement actions, rather than with rules.

Over the course of Trump’s 40-minute fireside chat, he talked about how he “wasn’t overly interested” in crypto initially. But that changed, he said, when sales of his Trump trademarked nonfungible token collections were paid for with crypto. “I think my children opened my eyes more than anything else.”

Monday’s event came at an unprecedented moment for Trump’s presidential campaign.

On Sunday afternoon at Trump International Golf Club in West Palm Beach, Florida, Trump and his longtime friend and political donor, Steve Witkoff, were between the fifth and sixth holes on the course when gunshots were fired. The FBI has characterized the incident as an apparent assassination attempt on the former president.

Witkoff is a longtime friend of Trump’s. He’s also part of the small group of World Liberty Financial founders, according to an internal report on the project obtained by CoinDesk.

Witkoff was seated to Trump’s right during Monday night’s spaces, and described how he brought the Trump family together two crypto entrepreneurs.

“My son introduced me to two partners, Chase Herro and Zak Folkman, who are exceptionally bright people …These guys are as smart as any currency traders I’ve ever met. And they began talking to me about decentralized finance, which means frictionless finance, and why it made sense for people and about the forgotten, who can’t get credit out there,” he said.

“As I began to understand that, I said, ‘Who would understand this better than this than the Trump family?’ And we had a meeting initially with Eric, Don Jr, and the president and his counsel. And we said, Let’s go pursue it. We’ve been on it for close to nine months,” said Witkoff.

Along with Trump, Witkoff is one of at least a half dozen members of the project’s “leadership team.”

As Witkoff spoke, the parallels with Trump’s other venture, Trump Media Technology Group, were unavoidable.

In that case, two former cast members on Trump’s NBC hit “The Apprentice” approached Trump in 2021 with an idea for a new, conservative social network. Three years later, TMTG’s stock has boosted Trump’s net worth by billions of dollars, and Truth Social is his platform of choice.

Alongside Trump and Witkoff, founders include Donald Trump Jr., Eric Trump and Barron Trump, as well as Witkoff’s son, Zach Witkoff, according to a person briefed by a member of the group’s founding team.

A copy of an early internal report, known as a white paper and obtained by CoinDesk, listed Barron as “Chief DeFi Visionary,” Eric and Donald Jr. as “Web3 Ambassadors,” and Trump Sr. as “Chief Crypto Advocate.”

But while the Trumps will receive compensation from the project, Bloomberg reports that the platform itself is “not owned, managed, operated or sold” by members of the Trump family.

Witkoff, a real estate investor, and Eric Trump, executive vice president of the Trump Organization, are the two people calling the shots at World Liberty Financial, according to a person familiar with the project. Both are new to the crypto industry.

CNBC reached out to Eric Trump and Witkoff to ask about their leadership roles within World Liberty, and didn’t immediately receive a reply.

Until Monday, much of what the public knew of World Liberty was based on interviews Trump’s sons had given to the press over the past month, as well as the leaked white paper that served as a sort of crypto project manifesto, and conversations with people familiar with the project.

Anyone who wanted material details of the platform, including the white paper, was being asked to sign a non-disclosure agreement, according to a person familiar with the project

Some visible members of the industry newly cozied up to Trump in 2024, lending their cash and endorsement to the Republican presidential nominee, as he adopted increasingly bullish talking points on the campaign trail, which culminated in the GOP pick delivering a keynote address at the biggest bitcoin event of the year in Nashville in July.

Some of those supporters however, say they are concerned that this foray into crypto could jeopardize Trump’s rapport with the sector more broadly if the launch doesn’t go as planned.

A person familiar with the project says that Donald Trump, Sr. isn’t that involved in the platform thus far.

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E-bike makers push speed-reduction updates after California’s stricter new laws

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E-bike makers push speed-reduction updates after California's stricter new laws

Earlier this month, California enacted new regulations for electric bikes that resulted in stricter speed limits on e-bikes with throttles. At the time, it was unclear how electric bike makers would respond to the new regulations, but we’re now starting to see at least one manufacturer pushing to bring its existing e-bikes owned by California residents into compliance.

The new laws remove ambiguity in the Class 2/Class 3 e-bike categorization. Formerly, many e-bikes were designed to operate in either category depending on the owner’s desires. Such bikes could operate as Class 2 e-bikes reaching max speeds of 20 mph (32 km/h) with a throttle, or as Class 3 e-bikes reaching higher speeds of 28 mph (45 km/h) on pedal assist-only.

In fact, the overwhelming majority of Class 3 e-bikes sold in the US used this design, offering hybrid compliance for functionality as both Class 2 and Class 3 e-bikes.

After California’s new laws removed any ambiguity between the classes, it is now clear that e-bikes in the state will need to function either only as Class 2 e-bikes (throttle up to 20 mph) OR Class 3 e-bikes (up to 28 mph but without any throttle).

Globe Haul ST cargo e-bike

It was unclear whether existing e-bikes already sold prior to the law’s enactment would receive an exemption, but bicycle manufacturer Specialized doesn’t seem to be taking any chances.

Specialized is the maker of the Globe line of cargo e-bikes, and recently sent out an update to owners that would help them bring their e-bikes into compliance with California’s new stricter regulations.

Like so many other electric bikes on the market, the Globe e-bikes came with throttles allowing 20 mph speeds without pedaling, but could also reach up to 28 mph on pedal assist.

A new firmware update promoted by the company will essentially restrict its e-bikes to purely Class 2 operation, removing the motor’s ability to assist the bike in going any faster, even when pedaling without throttle operation.

The update will also come with a Class 2 compliance sticker that replaces the previous Class 3 sticker.

To install the voluntary update, Globe owners are encouraged to visit their local Specialized dealer.

A copy of the update letter was shared on Reddit and can be seen below.

Electrek’s Take

This is an interesting approach, because it indicates an understanding by Specialized that it is responsible for any of its e-bikes already on the road that have now been made non-compliant by the new law.

There are basically two main options to “fix” these previously hybrid Class 2/3 e-bikes and bring them into compliance. One is to unplug and remove the throttle, turning the bike into a true Class 3 e-bike under CA regulations. The other is to remove the ability for the motor to assist at speeds over 20 mph, turning it into a Class 2 e-bike. That latter is what Specialized appears to have decided to go with, and it makes sense to me. If you asked most owners of these e-bikes about which they’d give up if they had to, they’d probably tell you “take my 21-28 mph speed but leave me my throttle”. Throttles are simply such a major part of e-bikes in North America that most riders would give up the whole bike if they were forced to give up the throttle.

The bigger question here is how many Globe riders will actually install this update. Since you need to not only opt-in to it, but also physically visit a dealer to do it, I have to imagine that the vast majority of riders will simply ignore the update altogether, keeping their faster non-compliant speed on an e-bike with a throttle. I’m not saying that’s the right thing to do, but I am saying it’s what will happen in the real world.

And if we are being honest, these Globes aren’t even the e-bikes that are at the heart of the issue. Most CA residents are more concerned with teenagers ripping down sidewalks on moped-style e-bikes, not the local moms and dads riding to Trader Joe’s on their sensible, upscale cargo e-bikes that just happen to have hybrid Class 2/3 performance.

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Europe’s wind power hits 20%, but 3 challenges stall progress

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Europe’s wind power hits 20%, but 3 challenges stall progress

Wind energy powered 20% of all electricity consumed in Europe (19% in the EU) in 2024, and the EU has set a goal to grow this share to 34% by 2030 and more than 50% by 2050.

To stay on track, the EU needs to install 30 GW of new wind farms annually, but it only managed 13 GW in 2024 – 11.4 GW onshore and 1.4 GW offshore. This is what’s holding the EU back from achieving its wind growth goals.

Three big problems holding Europe’s wind power back

Europe’s wind power growth is stalling for three key reasons:

Permitting delays. Many governments haven’t implemented the EU’s new permitting rules, making it harder for projects to move forward.

Grid connection bottlenecks. Over 500 GW(!) of potential wind capacity is stuck in grid connection queues.

Slow electrification. Europe’s economy isn’t electrifying fast enough to drive demand for more renewable energy.

Brussels-based trade association WindEurope CEO Giles Dickson summed it up: “The EU must urgently tackle all three problems. More wind means cheaper power, which means increased competitiveness.”

Permitting: Germany sets the standard

Permitting remains a massive roadblock, despite new EU rules aimed at streamlining the process. In fact, the situation worsened in 2024 in many countries. The bright spot? Germany. By embracing the EU’s permitting rules — with measures like binding deadlines and treating wind energy as a public interest priority — Germany approved a record 15 GW of new onshore wind in 2024. That’s seven times more than five years ago.

If other governments follow Germany’s lead, Europe could unlock the full potential of wind energy and bolster energy security.

Grid connections: a growing crisis

Access to the electricity grid is now the biggest obstacle to deploying wind energy. And it’s not just about long queues — Europe’s grid infrastructure isn’t expanding fast enough to keep up with demand. A glaring example is Germany’s 900-megawatt (MW) Borkum Riffgrund 3 offshore wind farm. The turbines are ready to go, but the grid connection won’t be in place until 2026.

This issue isn’t isolated. Governments need to accelerate grid expansion if they’re serious about meeting renewable energy targets.

Electrification: falling behind

Wind energy’s growth is also tied to how quickly Europe electrifies its economy. Right now, electricity accounts for just 23% of the EU’s total energy consumption. That needs to jump to 61% by 2050 to align with climate goals. However, electrification efforts in key sectors like transportation, heating, and industry are moving too slowly.

European Commission president Ursula von der Leyen has tasked Energy Commissioner Dan Jørgensen with crafting an Electrification Action Plan. That can’t come soon enough.

More wind farms awarded, but challenges persist

On a positive note, governments across Europe awarded a record 37 GW of new wind capacity (29 GW in the EU) in 2024. But without faster permitting, better grid connections, and increased electrification, these awards won’t translate into the clean energy-producing wind farms Europe desperately needs.

Investments and corporate interest

Investments in wind energy totaled €31 billion in 2024, financing 19 GW of new capacity. While onshore wind investments remained strong at €24 billion, offshore wind funding saw a dip. Final investment decisions for offshore projects remain challenging due to slow permitting and grid delays.

Corporate consumers continue to show strong interest in wind energy. Half of all electricity contracted under Power Purchase Agreements (PPAs) in 2024 was wind. Dedicated wind PPAs were 4 GW out of a total of 12 GW of renewable PPAs. 

Read more: Renewables could meet almost half of global electricity demand by 2030 – IEA


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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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