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Bernie Moreno, Republican U.S. Senate candidate from Ohio, attends a campaign event in Holland, Ohio, on Saturday, October 26, 2024. Moreno is running against Sen. Sherrod Brown, D-Ohio. 

Tom Williams | Cq-roll Call, Inc. | Getty Images

Prior to announcing his Senate candidacy in April 2023, Bernie Moreno was a political no name. A former car salesman in the Cleveland area, his only prior experience in politics was a losing bid for Ohio’s other Senate seat in 2022.

Moreno has since accomplished the once unthinkable. 

On Nov. 5, as part of the election that swept Donald Trump back into the White House, Moreno defeated Democratic incumbent Senator Sherrod Brown, who was first elected to the House in 1992, before winning his Senate seat in 2006 and chairing the powerful Banking Committee since 2021.

Moreno’s rise from unsung Ohio businessman to prominent political leader was no accident. His campaign was backed by $40 million from the cryptocurrency industry as part of a highly targeted effort to get friendly candidates elected and, perhaps more importantly, its critics removed. Moreno’s victory was one of the Senate seats Republicans flipped to take control of the chamber.  

In total, crypto-related PACs and other groups tied to the industry reeled in over $245 million, according to Federal Election Commission data. Crypto accounted for nearly half of all corporate dollars that flowed into the election, according to nonprofit watchdog Public Citizen. Advocacy group Stand With Crypto Alliance, which Coinbase launched last year, developed a grading system for House and Senate races across the country as a way to help determine where money should be spent.

Crypto execs, investors and evangelists saw the election as existential to an industry that spent the past four years simultaneously trying to grow up while being repeatedly beaten down. Nearly 300 pro-crypto lawmakers will take seats in the House and Senate, according to Stand With Crypto, giving the sector unprecedented influence over the legislative agenda.

The crypto political lobby worked so well this cycle because it made something complicated, like campaign finance, simple: Raise a ton of cash from a handful of donors and buy ad space in battleground states to either support candidates who back crypto or smear the candidates who don’t. It also required thinking of candidates as a bit of a binary: They were either with the industry or against it.

Crypto companies and their executives mobilized rapidly, and they successfully figured out how to deploy their cash through a sophisticated ad machine across the country. They also took cues from what big tech got wrong. Rather than spending hundreds of millions of dollars on lobbying legislators post-election, the crypto industry invested in targeting their opponents ahead of the election so they wouldn’t have to deal with them at all the next few years.

Coinbase CEO Brian Armstrong: We finally have a chance to get some regulatory clarity in the U.S.

For over a year, Moreno was grilled by Silicon Valley heavy hitters like Marc Andreessen, Ben Horowitz and David Sacks about blockchain technology, digital asset policy and the shifting terrain of global finance.

“They didn’t just jump in head first,” Moreno said, describing the scores of meetings that stretched back to his run in the primary. “We had to build a lot of trust.”

Moreno also met with Coinbase co-founders Brian Armstrong and Fred Ehrsam as well as policy chief Faryar Shirzad. Armstrong and Ehrsam did not respond to CNBC’s request, through Coinbase, for comment about the meetings.

Coinbase is the largest digital asset exchange in the U.S. and has been battling the Securities and Exchange Commission in court for over a year. The company was the crypto kingmaker in the 2024 cycle, giving more than $75 million to a super PAC called Fairshake. It was one of the top spending committees of any industry this cycle and exclusively gave to pro-crypto candidates running for Congress. Fairshake’s candidates won virtually every race that it funded in the general election.

“Being anti-crypto is simply bad politics,” Coinbase’s Armstrong wrote on X following Moreno’s victory. 

As the price of bitcoin has multiplied by about sixfold in the past four years, SEC Chairman Gary Gensler has taken major crypto players like Coinbase and Ripple to court for allegedly selling unregistered securities and has avoided working with companies to develop new specialized regulations.

Meanwhile, Sen. Brown sided with the expressly anti-crypto Sen. Elizabeth Warren, D-Mass., in targeting crypto for allegedly funding terrorist organizations, including Hamas. Brown became more vocal in calling for crackdowns of the industry after the failure of crypto exchange FTX in late 2022. 

As FTX was spiraling into bankruptcy, Brown on Nov. 10 retweeted a post from the Senate Banking Committee calling the event “a loud warning bell that cryptocurrencies can fail” and can “have a ripple effect on consumers and other parts of our financial system.”

The bipartisan Fairshake won all but three races in the general election, spending big on Republicans and Democrats gunning for key seats. Protect Progress, a PAC affiliated with Fairshake, gave more than $10 million apiece to Democratic candidates for the Senate in Arizona and Michigan. Both won. Defend American Jobs, another one of Fairshake’s affiliated PACs, spent more than $3 million to support Republican Jim Justice in West Virginia, who will take the former seat of Democratic Sen. Joe Manchin when the new session gets underway in 2025.

In California, Democratic Rep. Katie Porter lost a Senate primary after Fairshake spent more than $10 million on ads against her. 

“I was, like, ‘What the heck is Fairshake?'” Porter told The New Yorker.

Trump trade boosts crypto

How tech bros made their pick

Those vetting Moreno wanted to understand what he would do differently than the current administration and regulatory regime, the senator-elect told CNBC in an interview.

“These are people who know how to vet investments, know how to vet people and they took that same discipline” with me, Moreno said.

It helped that he’d built a blockchain startup, a company called Champ Titles that digitizes automobile ticketing and registration.

“What they didn’t want was to put time, effort and energy behind somebody who, at the end, would be a disappointment,” Moreno said.

A spokesperson for Andreessen and Horowitz, who are co-founders of a venture firm bearing their names, declined to comment. Sacks, founder of Craft Ventures, didn’t respond to CNBC’s request for an interview.

Coinbase’s Shirzad met Moreno over breakfast in Washington in the spring. Moreno wasn’t an expert on the details of the policy issues he’d be pursuing but had a clear understanding of crypto technology and how it could be applied, Shirzad told CNBC in an interview. 

“It was a really great meeting of minds between me as a policy guy and him as kind of a business guy that saw the potential of the technology,” Shirzad said. 

Moreno was out of cash after spending all he had on a tough and expensive primary, said David McIntosh, an early backer of Moreno’s Senate bid and president of the Club for Growth, a conservative organization that focuses on American economic issues. Fairshake played a crucial role for Moreno’s campaign starting in the summer, McIntosh said. 

Moreno’s victory over Brown “sent a really strong signal to Washington that the voters are going to support candidates who are pro-blockchain,” McIntosh said.

McIntosh noted that the Club for Growth spent $6.5 million to help Moreno with advertising in the primary through its different super PACs, including the Bitcoin Freedom Fund.

Brown’s office didn’t respond to multiple requests for comment.

Brown told Politico he hasn’t ruled out running for Vice President-elect JD Vance’s open Senate seat in Ohio, which will be filled by special election in 2026.

Moreno benefited from branding himself as the “change” candidate while Brown “became a defender of the status quo,” Shirzad said.

“Crypto thematically is a change issue,” Shirzad said. “It appeals to not only a younger demographic, but it also appeals to voters who want to change.”

Fairshake declined to comment on whether it would spend to block another Brown Senate run, but the super PAC has already raised $78 million for the 2026 midterms.

“We stuck to our core strategy from Day 1, supported pro-crypto candidates and opposed those who played politics with jobs and innovation, and won,” Fairshake told CNBC in a statement.

How crypto and fintech may perform under the second Trump administration

‘Most pro-crypto Congress ever’

The past two election cycles featured spending from the now-bankrupt crypto exchange FTX and its founder Sam Bankman-Fried, who was sentenced to 25 years in prison in March for stealing more than $8 billion worth of customer money through FTX. 

This year’s contributor list was more robust but saw large sums of funding come from companies that have been at odds with SEC Chair Gensler for years. That includes Coinbase and blockchain giant Ripple Labs. Prominent venture fund Andreessen Horowitz, which has a large portfolio of crypto companies, was one of the other primary contributors.

A lot of crypto’s big names also gave significantly in 2024. 

FEC filings show Cameron and Tyler Winklevoss were among the largest individual crypto donors this election cycle, giving a combined $10.1 million. Top executives from Ripple contributed millions, led by billionaire founder Chris Larsen, who gave around $12 million this cycle.

Coinbase CEO Armstrong gave over $1.3 million to a mix of PACs including Fairshake and JD Vance for Senate Inc. He also gave directly to Democrats and Republicans running for House and Senate seats. Coinbase Chief Legal Officer Paul Grewal attended at least two Trump fundraisers, including one in Nashville, Tennessee, on the sidelines of the biggest bitcoin event of the year.

Kraken Chairman Jesse Powell donated over $1 million to the Trump campaign.

Other individual crypto contributors include ex-Bitfinex strategy chief Phil Potter (over $1.6 million), Multicoin Capital’s Kyle Samani ($878,600), Paradigm co-founder Fred Ehrsam ($735,400), Union Square Ventures partner Fred Wilson ($1,4 million), Paxos CEO Charles Cascarilla ($198,500), BitGo CEO Mike Belshe ($119,825), Solana co-founder Anatoly Yakovenko ($67,100), and Xapo Bank founder Wences Casares ($374,899).

This week, Armstrong reportedly met with the president-elect to discuss appointments. Within a day, conversations swirled about the potential for the White House’s first crypto czar. By the end of the week, SEC Chair and longtime crypto foe Gensler, whose term doesn’t expire until June 2026, announced he was retiring on inauguration day.

One of Trump’s promises to his crypto fans on the campaign was that he would fire the SEC head and choose crypto-friendly regulators if elected. Gensler may have taken a look at the pressure that faces him across Washington and decided it just wasn’t worth trying to stick it out.

“Welcome to America’s most pro-crypto Congress ever,” Armstrong wrote on X on Nov. 5.

Coinbase's legal chief: 'We are going to have the most pro-crypto Congress ever'

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Environment

Trump admin halts $5 billion NY offshore wind project mid-build

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April 17, 2025

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Trump admin halts billion NY offshore wind project mid-build

Equinor Empire Wind
Photo: Equinor

In its most aggressive attack against offshore wind yet, the Trump administration halted the $5 billion Empire Wind 1, already under construction off New York’s coast.

Norwegian developer Equinor announced yesterday that it received notice from the Bureau of Ocean Energy Management (BOEM) ordering Empire Wind 1 to halt all activities on the outer continental shelf until BOEM has completed its review. Interior Secretary Doug Burgum posted this tweet yesterday:

Burgum gave no indication of what insufficiencies there were in the approval process for the fully permitted offshore wind project, despite Trump’s recent declaration of a national energy emergency that speeds up permitting processes.

The commercial lease for the 810-megawatt (MW) Empire Wind 1’s federal offshore wind area was signed in March 2017 during the first Trump administration. It was approved by the Biden administration in November 2023 and began construction in 2024.

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The project is being developed under contract with the New York State Energy Research and Development Authority (NYSERDA). Empire Wind 1, which was due to come online in 2027, has the potential to power 500,000 New York homes.

“Halting construction of fully permitted energy projects is the literal opposite of an energy abundance agenda,” said American Clean Power Association CEO Jason Grumet in a statement. “We encourage the administration to quickly address perceived inadequacies in the prior permit approvals so that this project can complete construction and bring much-needed power to the grid.”

As Electrek reported, Equinor secured $3 billion to finance Empire Wind 1 in January. The total amount drawn under the project finance term loan facility as of March 31 was around $1.5 billion. 

As of March 31, Empire Wind has a gross book value of around $2.5 billion, including South Brooklyn Marine Terminal (pictured above), which was expected to become the US’s largest dedicated port facility for offshore wind.

In response to BOEM’s stop work order, New York Governor Kathy Hochul issued the following statement:

Every single day, I’m working to make energy more affordable, reliable and abundant in New York and the federal government should be supporting those efforts rather than undermining them. Empire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond.

As Governor, I will not allow this federal overreach to stand. I will fight this every step of the way to protect union jobs, affordable energy and New York’s economic future.

Equinor says it’s considering appealing BOEM’s order.

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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Jackery Earth Day Sale takes up to 50% off units with bonus savings, G-Force moto-style ZM e-bike at $800 off, Greenworks, more

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April 17, 2025

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Jackery Earth Day Sale takes up to 50% off units with bonus savings, G-Force moto-style ZM e-bike at 0 off, Greenworks, more

Leading today’s Green Deals is Jackery’s Earth Day Sale that is taking up to 50% off power stations, with many of them being marked down from the brand’s short-term Easter savings, complete with bonus savings. Among the lineup, we spotted the expandable Explorer 2000 Plus Portable Power Station bundled with a 500W solar panel at its $1,614 low. Coming up right behind it is G-Force Bikes’ Spring Sale with up to $800 in e-bike savings, the largest of which is on the moto-styled ZM All-Terrain Fat Tire e-bike that starts at $1,199 for an 80-mile trekking single-battery setup, with a double battery option not much higher. Lastly, we have a one-day-only new low price on the Greenworks 1,900 PSI Steel-Framed Electric Pressure Washer at $118, as well as a bonus cleaner attachment deal. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Earth Day savings on both Bluetti power stations and Lectric’s e-bike bundles, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Invest in sustainable power for on-the-go and home backup at up to 50% off with Jackery’s Earth Day Sale from $90

Jackery has officially launched its Earth Day Sale through April 25 which is lowering many of its previous Easter offers with up to 50% off a collection of power stations, solar generators, and some accessories – and we’re also seeing on-page promo codes for extra savings. One such bundle gives you the brand’s Explorer 2000 Plus Portable Power Station with a 500W solar panel for $1,614.05 shipped, after using the promo code EXTRA5 at checkout for an additional 5% off. It’s already coming down from its usual $2,949 price tag, with the bonus savings dipping that price further, back to the best we’ve seen from some of this year’s previous events. You’re looking at a combined 45% markdown here, putting $1,335 back in your pocket and equipping you with an expandable means for on-the-go and at-home backup power at the lowest price we have tracked. Like most of the deals in this sale, you’ll find this package beating out its Amazon pricing too, where it’s currently sitting $307 higher.

Grabbing this Jackery Explorer 2000 Plus bundle starts you off with a 2,042Wh LiFePO4 capacity that can support up to five extra batteries that increase things to 12,000Wh – plus, there’s the option to continue expansion with two of these setups being linked together to reach 24,000Wh. Power output here provides a steady 3,000W through the 10 ports, surging to 6,000W for larger needs, which becomes its regular output levels within expanded setups. It also has a 1,200W maximum solar input, which recharges the battery to full in two hours with six 200W panels (so around 5+ hours with the bundle here). You can also have the battery recharged via a wall outlet in two hours as well, though this doesn’t account for expandable setups.

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***Note: The extra 5% off discount has not been factored into the prices below – be sure to use the code EXTRA5 at checkout for the maximum savings!

Jackery Earth Day flash offers (through April 18):

Jackery’s Earth Day Sale home backup deals:

Jackery’s Earth Day Sale appliance backup deals:

Jackery’s Earth Day Sale outdoor backup deals:

Jackery’s accessory deals:

You can shop through Jackery’s entire Earth Day Sale on the landing page here.

G-Force ZM All-Terrain e-bike

G-Force Spring Sale drops moto-styled ZM all-terrain e-bike with 80-mile range to $1,199

G-Force Bikes is having a Spring Sale running through the rest of the month that is also being billed as a “last-chance sale” before prices increase due to tariffs, with the brand providing a countdown clock on its site. Among the up to $800 we’re seeing across the brand’s lineup of e-bikes, we spotted the ZM All-Terrain Fat Tire e-bike down at $1,199 shipped. Normally fetching $1,999 direct from the brand, with third-party sites pricing it as high as $2,499, the discounts we have tracked over the last year have mainly been seen dropping costs between $1,299 and $1,499. It’s getting the maximum savings during this sale at $800 off, dropping it to the lowest price we can find while also giving you a pair of HD wide-angle rearview mirrors free of charge, valued at $49.

The G-Force ZM e-bike borrows heavily from motorcycle styling while still retaining a street-legal class 3 status, equipped with a 750W brushless gear hub motor that can peak as high as 1,300W to deliver up to 86Nm of torque power, topping out at 28 MPH speeds. What’s more, for such an affordable price, it also provides some extensive traveling range, with the standard 20Ah single-battery option carrying you 60 to 80 miles with its five PAS levels or you can double that to 120 to 160 for just $200 more with the 40Ah dual-battery setup.

For such a low price, there’s a nice array of quality features that it brings along, like the full suspension, with an adjustable front fork and rear system for smoother riding, along with hydraulic disc brakes for guaranteed stopping power, and 20-inch puncture-resistant tires with fenders over each for those off-road ventures. That’s not all, as you’ll also find it has a 400-pound payload, a 48V LED headlight, an integrated rear light with braking functionality, a 7-speed Shimano derailleur, a wear-resistant padded bench seat with room for a passenger, a half-twist throttle for electric cruising, and a large color LCD with a USB port for charging up devices as you ride, particularly nice if you use your phone as a GPS.

G-Force’s other Spring Sale e-bike deals:

Greenworks 1,900 PSI electric pressure washer

Get rid of muck with this steel-framed Greenworks 1,900 PSI electric pressure washer at new $118 low (Today only)

As part of its Deals of the Day, Best Buy is offering the best rate yet on the Greenworks 1,900 PSI Steel-Framed Cold Water Electric Pressure Washer for $117.99 shipped. This model usually goes for $200 in full, with the discounts we’ve seen taking things as low as $120 over the past year. That rate is getting beaten out here by $2 for the rest of the day only, providing you a total of $82 in savings and marking a new all-time low. You won’t find this model currently available at Amazon, nor is it getting any discounts direct from Greenworks either. Below, you’ll also find a secondary one-day-only deal on a cleaning attachment that amplifies its capabilities.

Sporting a durable open steel frame design, the 13A motor on this Greenworks pressure washer provides you with up to 1,900 PSI at a 1.2 GPM flow rate to tackle the muck and grime along driveways, walkways, and the like. You won’t need to wrestle with pull strings, as it starts up with the press of a button, not to mention its electrical functionality, getting rid of the fumes and costs from gas – plus, it even has a waterproof plug at the end of its 35-foot power cord to ensure extra protection. You’ll have on-board storage for the included nozzles, the hose, and the metal spray gun, as well as an integrated soap tank for detergent when you need some extra cleaning power.

A secondary deal lasting the rest of the day that compliments the above or any of the brand’s pressure washers, is the 12-inch Surface Cleaner Attachment for $20.99 shipped, down from $40. It has a quick-connect feature for a faster and more effortless setup, with dual cleaning nozzles on its underside to level up the pressure washer’s cleaning power and coverage area.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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China cracks down on automated driving features after Tesla’s FSD launch

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3 hours ago

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April 17, 2025

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China cracks down on automated driving features after Tesla's FSD launch

Tesla FSD v12.5

Just after Tesla launched its ‘Full Self-Driving’ package, in China, the country announced that it cracking down on automated driving features with new limitations.

In February, Tesla launched a first version of its “Full Self-Driving” FSD package in China for owners with the latest “Hardware 4.0”, or “HW4”, vehicles.

Most of the features under Tesla’s FSD package have been limited to North America due to Tesla training its system for this market first and due to regulatory limitations in other markets.

Shortly after Tesla launched FSD in China, the American automaker had to pause its rollout due to updated requirements from China’s Ministry of Industry and Information Technology (MIIT).

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Now, MIIT has confirmed that it held a meeting with automotive industry stakeholders yesterday, and it has further clarified the rollout of advanced driver assistance (ADAS) features.

CNEV reported on the meeting:

Car companies were asked to refrain from using words like “self-driving,” “autonomous driving,” “smart driving,” “advanced smart driving,” and instead use the term “combined assisted driving” to avoid misleading consumers, according to the minutes of the meeting.

Tesla had already changed the name from ‘Full Self-Driving’ to “Intelligent Assisted Driving” following the launch in China.

Based on a statement from MIIT, the meeting focused on enforcing the previously announced updated requirements that launched right after Tesla introduced FSD in China (translated from Chinese):

The meeting emphasized that automobile manufacturers must deeply understand the requirements of the “Notice”, fully carry out combined driving assistance testing and verification, clarify the system functional boundaries and safety response measures, and must not make exaggerations or false propaganda. They must strictly fulfill their obligation to inform, and truly assume the main responsibility for production consistency and quality safety, and truly improve the safety level of intelligent connected vehicle products.

Regulators want automakers to reduce the frequency of new software updates and instead focus on extended testing before releasing new updates.

The last few months have been quite chaotic for ADAS systems in China. Along with Tesla’s FSD release, several Chinese companies released their systems, including BYD, Xiaomi, and Huawei.

Xiaomi reported a fatal accident in which its ADAS system was active just seconds before the crash, and Tesla owners using FSD racked up thousands of dollars in fines due to FSD making mistakes.

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