Crypto fans are celebrating the results of the Ohio Senate race, where blockchain entrepreneur Bernie Moreno has defeated Senate Banking Chair Sherrod Brown, a three-term incumbent, in a contest that was key in the battle for control of the U.S. Senate.
Some $40 million of crypto money was directed at defeating Brown, with one PAC paying for five ads designed to boost awareness of Moreno, a businessman who worked as a luxury car dealer and had virtually no name recognition going into the contest.
The race was also a litmus test for whether the more than $245 million raised by the crypto industry this cycle would prove effective at the ballot box. The Ohio contest drew more ad spending than any Senate race in history, and was the biggest single target of crypto money this cycle.
Brown was unpopular with crypto fans, in part because he backed Sen. Elizabeth Warren, D-Mass., in holding hearings on whether digital tokens were tied to terrorism. He voted against pro-crypto legislation, called for more regulation of the sector, and regularly posted anti-crypto rhetoric on social media.
Ripple’s billionaire co-founder Chris Larsen told CNBC Tuesday night that Brown’s loss is “more fallout from the disastrous decision by President Joe Biden to outsource financial regulation to Sen. Warren.”
“Tonight I’m sad, but I’m never giving up,” Brown said in brief concession remarks Tuesday evening.
In December, Brown told journalists that he wasn’t concerned about the crypto industry’s rumblings against him.
“Bring ’em on,” Politico quoted Brown as saying to a crowd of reporters last year.
His antagonists are now taking a victory lap.
Tyler Winklevoss, one of the top individual crypto contributors this election cycle, called Brown a “crypto public enemy,” a “co-conspirator” to Sen. Warren, and a “Gary Gensler crony,” referring to the chair of the SEC. In a post on X, Winklevoss wrote, “The crypto army is striking!”
“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” Armstrong wrote in a post to X.
Armstrong called it the “most pro-crypto Congress ever” with more than 219 crypto-friendly candidates elected to the House and Senate.
The Stand With Crypto Alliance, launched by Coinbase last year, started a “Live election results” lander for crypto investors to keep track of the results. According to the tracker, 224 pro-crypto candidates have been elected to the House, against 106 anti-crypto House candidates that have won. In the Senate, 14 pro-crypto candidates have been elected, while nine anti-crypto candidates have been victorious.
NBC News hasn’t yet called all of these races.
Coinbase gave more than $75 million to Fairshake and its affiliated PACs, including a fresh pledge of $25 million to support the group in the 2026 midterms. Armstrong personally was among crypto’s top individual donors, giving over $1.3 million to a mix of candidates up and down the ballot.
Coinbase has been battling Gensler in court for more than a year over claims it sells unregistered securities.
The industry hopes that a pro-crypto Congress will pass rules that will apportion more of the regulatory responsibilities to the Commodities Future Trading Commission, which has traditionally been softer on its approach to policing the sector.
“Americans disproportionately care about crypto and want clear rules of the road for digital assets,” Armstrong wrote. “We look forward to working with the new Congress to deliver it. Thank you to everyone who stood with crypto today. We did it!”
The Fairshake affiliated PAC Defend American Jobs, which donated more than $40 million in support of Moreno, released a statement on Tuesday night, saying that Brown was a “top opponent of cryptocurrency.”
“Senator-Elect Moreno’s come-from-behind win shows that Ohio voters want a leader who prioritizes innovation, protects American economic interests, and will ensure our nation’s continued technological leadership,” the group said.
The political victories were reflected in the market.
BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.
BYD cuts Seagull EV price to under $8,000 in April
Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.
The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).
After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.
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BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.
BYD cuts vehicle prices in April 2025, including the Seagull EV (Source: BYD)
At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)
The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.
BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.
Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.
Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.
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Prior to the launch, only a fully loaded $60,000 Launch Edition Model Y was available to order since January, and had been delivered since early March.
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Now, North American buyers are able to buy a much cheaper version of the new Model Y for $49,000.
Only the Model Y Long Range AWD is available for now, but that’s Tesla’s most popular model in North America.
At the time, we noted that this is a great demand test for Tesla in the US amid some critical brand issues due to CEO Elon Musk.
We only have a few metrics to track the demand of the new Model Y in the US:
Delivery timelines on new orders
Available inventory
Discounts/incentives
For most US zip codes tested by Electrek with different Model Y configurations (wheels and paint colors), Tesla quotes delivery within “1-3 weeks”.
But we also found several zip codes on both the West Coast and the East Coast where Tesla claims it can deliver the new vehicle “today”:
This would point to Tesla already having vehicles in inventory despite launching it just 4 days ago.
But Tesla is hiding the inventory.
If you search for Model Y in Tesla’s new inventory, you can’t find any in the US at the time of writing:
However, Tesla is showing some units in inventory to people configuring new Model Ys.
Some potential buyers are reporting that Tesla has a tab that pops up and directs them to some new inventory available (via TroyTeslike on Patreon):
This confirms that Tesla already has new non-Launch Edition Model Y in inventory available for sale in the US – pointing to Tesla having no backlog of demand for the new vehicle.
Electrek’s Take
This is much worse than I thought. I thought that Tesla would build a backlog of demand for the new Model Y in the US from people who didn’t want the fully loaded version, but it looks like that backlog lasted 4 days.
Of course, it’s all because of Tesla and Elon, and brand destruction.
Many people who invested in the stock market lost a lot of money over the last few weeks, and these people often happen to be people who buy new cars.
Now, the only thing left is for Tesla to start offering discounts and subsidies financing – the latter likely coming first, as it is already the case with new Model 3 orders in the US.
The good news for Tesla is that if Trump continues to crash the stock market, the Fed will likely have to reduce rates, making Tesla’s 0% financing cheaper to subsidize.
That’s a fun balancing act.
Either way, I wouldn’t be surprised to see Tesla offer incentives on the new Model Y in the US within the next 2 weeks – way ahead of schedule.
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The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.
Do the Kia EV6 and EV9 qualify for the federal tax credit?
Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.
The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.
Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.
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We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.
Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.
According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.
If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.
Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.
Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.
With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.
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