Jared Isaacman, Mission Commander, steps out of the manned Polaris Dawn mission’s “Dragon” capsule after it splashed down off the coast of Dry Tortugas, Florida, after completing the first human spaceflight mission by non-government astronauts of the Polaris Program.
– | Afp | Getty Images
President-elect Donald Trump’s pick to run NASA, Jared Isaacman, is a 41-year-old space enthusiast, who just months ago commandedthe world’s first all-civilian mission to reach orbit.
He’s also a crypto billionaire.
Isaacman is the founder of Shift4, a fintech company that provides secure payment processing solutions for businesses. The company’s stock price has jumped almost 40% this year, lifting its market cap to $9.3 billion. Isaacman started the business in 1999 at age 16 and took it public on the New York Stock Exchange in 2020.
In a Dec. 4 post on his Truth Social platform announcing the nomination, Trump wrote, “Jared has demonstrated exceptional leadership, building a trailblazing global financial technology company.”
That success can be traced in part to a bold bet on crypto almost three years ago.
Inside Isaacman’s New York residence near Central Park, around a lofted conference room with glass walls that sits above the apartment’s living area, Isaacman and members of his executive team sat with Alex Wilson and Pat Duffy, two entrepreneurs who were in the final stages of selling their crypto donation marketplace to Shift4. It was early 2022.
With a whiteboard behind them, they spitballed on how blockchain-based technology could be applied across the payment company’s business.
Bitcoin had hit a record a few months earlier, jumping sixfold from the end of 2019 through the close of 2021. A range of digital tokens were delivering outsized returns. The market was frothy, spirits were high and meme coins were in their prime.
But while Elon Musk was touting dogecoin and money was pouring into nonfungible tokens (NFTs), Wilson, Duffy, and Isaacman were focused on a far less glitzy corner of the digital asset world: stablecoins.
Stablecoins are a subset of cryptocurrencies matched to the value of a real-world asset and are virtually synonymous with U.S. dollar-pegged tokens. Today, they’re collectively worth around $200 billion and are often used to move money across borders at a fraction of the cost of legacy payment systems.
Wilson, 31, said the group around the table at Isaacman’s house “all agreed it was more likely that stablecoins would become a regular medium of exchange than bitcoin or ethereum.” They wanted to build products that took advantage of blockchain but were token agnostic.
“We wanted to meet users where they were and equip our merchants to take payments in whatever ways their customers wanted to pay,” Wilson said.
In front of the whiteboard with marker in hand, Isaacman walked through ways crypto could be applied to the broader Shift4 business. Wilson said Isaacman has an uncanny ability toget in the weeds despite being the CEO of a company that now has more than 3,000 employees.
Weeks later, on March 1, Shift4 announced it had purchased The Giving Block, Wilson and Duffy’s company, and would pursue a “$45+ billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance.” Shift4 paid $54 million and included in the deal a potential earnout of up to $246 million.
Shift4’s Pat Duffy and Alex Wilson
Duffy and Wilson are now helming Shift4’s crypto team. In October, they announced a Pay with Crypto service that’s being rolled out to all 200,000 of the platform’s merchants, making it possible to spend crypto at hotels, restaurants and stadiums.
“It’s the biggest step toward crypto payments becoming mainstream that the industry has ever had,” Wilson said.
Isaacman told CNBC in a statement he’s excited to see the original vision he discussed with Wilson and Duffy during the acquisition process “come to life at a time when crypto is becoming increasingly mainstream and gathering real momentum.”
Isaacman finds himself at the center of the action.
The crypto market, which was already red hot, has been on a more dramatic upswing since Trump’s election win in November, which came alongside congressional victories for pro-crypto candidates. Bitcoin topped $108,000 on Tuesday for the first time, up more than 55% since election night, and the overall market cap of tokens has soared past $3.7 trillion.
More institutions and retail investors have also been jumping in, thanks to the flood of spot bitcoin exchange-traded funds that hit the market starting in January along with other options products that offer a new way to bet on the future price of bitcoin.
Stablecoins have moved closer to the mainstream as well.
In October, Stripe agreed to pay $1.1 billion for Bridge Network, a stablecoin platform that’s trying to make it easy for businesses to transact using digital currencies. The deal was a big wake-up call for traditional credit card companies.
Visa and Mastercard currently dominate U.S. payments, accounting for 80% of all credit card volume in the U.S., according todata from the Nilson Report. Credit card networks charge a transaction fee to a payment processor like Stripe for using their so-called rails. The costs, which include a flat fee plus a percentage of each payment that can be up to 3.30% for American Express, generally get passed along to the customer.
New Stablecoin entrants
But with stablecoins, transactions can cost less than a penny and are virtually instantaneous. Emily Sands, the technical lead for Stripe’s data science team, says stablecoins are great for cross-border transactions, which are important to almost all of the company’s users.
“That’s really valuable to the Stripe ecosystem,” said Sands. “It’s not just for the cards network. It’s not just for the local payment methods. It can also be for crypto.”
Blockchain-based payments company Ripple just launched its own stablecoin, RLUSD, and crypto custodian BitGo plans to follow. Robinhood and U.K. fintech Revolut are reportedly considering similar moves.
PayPal was relatively early to the market, launching a U.S. dollar-pegged coin called PYUSD in August 2023. PYUSD topped $1 billion in market cap in August but has since fallen below $500 million as competition for market share heats up.
Tether’s USDT and Circle’s USDC are the dominant stablecoins, with $140 billion and $42 billion worth of coins in supply, respectively, accounting for about 90% of the market combined.
Given their growing popularity, experts are eagerly waiting to see how the big credit card companies respond and whether they come out with their own coins.
In October, Visa announced the Visa Tokenized Asset Platform (VTAP) to make it easier for banks to launch their own stablecoins. Cuy Sheffield, Visa’s head of crypto, said the offering allows banks to issue and manage fiat-backed tokens.
Visa is “powering a lot of these capabilities for them,” Sheffield said.
In July of last year, Mastercard unveiled its Multi-Token Network (MTN), which facilitates payments of fully collateralized stablecoins as well as other digital assets over the platform.
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, told CNBC that MTN is looking to bring crypto capabilities, including the programmability of digital money, to banks, which hold trillions of dollars worth of dollar deposits.
But stablecoin issuers have had their share of challenges. TerraUSD, or UST, and sister token luna collapsed during the crypto meltdown of 2022, wiping out billions of dollars in value and eroding confidence in the reserves backing certain stablecoins.
More recently, the Wall Street Journal reported in October that the Department of Justice is looking into Tether for possible violations of sanctions and anti-money laundering rules. A Tether spokesperson said at the time that the story was “based on pure rank speculation” and that it has “no knowledge of any such investigations.”
With more established financial players getting involved, the market is gaining broader credibility.
Ari Redbord, global head of policy at blockchain intelligence company TRM Labs, said stablecoins are the bridge between the crypto ecosystem and the traditional financial system.
“That’s why you see the leading fintechs — Stripe, PayPal, Visa and others — really leaning into the use of stablecoins,” Redbord said.
‘Huge growth story’
The crypto industry has lobbied lawmakers on Capitol Hill for years on stablecoin legislation that would offer safeguards for these dollarized digital assets and the companies issuing them. Coinbase founder and CEO Brian Armstrong, one of the industry’s loudest voices in Washington, told CNBC in September that the company has seen a lot of traction with stablecoins.
“Crypto started off as really focused on trading, and it’s now made a big shift toward utility, specifically payments,” said Armstrong. He said stablecoin volume reached $10 trillion last year, and that could double or triple this year, “so it’s been a huge growth story for crypto as people start to think about how to make the dollar faster, cheaper and more global.”
Wilson said the company views stablecoins in the context of two different target markets. One group consists of people who have gotten rich in crypto and want to use their tokenized dollars “to charter a jet or helicopter,” he said. The other includes those who live in Latin America and Africa, “where people just want to spend stablecoins for daily payments because Visa and Mastercard adoption is low,” he said.
A survey conducted by Castle Island Ventures, Visa and other partners showed that stablecoins are a critical piece of economies in emerging markets like Nigeria. In countries “facing severe liquidity crunches,” stablecoins “allow individuals and businesses to access international USD payments without hard currency having to leave the country,” the report said.
Standard Chartered wrote in a recent report that stablecoins are currently equivalent in size to 1% of financial transactions in the U.S. and a similar percentage of foreign exchange transactions. As they gain legitimacy, a move to 10% is “feasible,” the bank said.
As Shift4 tries to position itself at the forefront of what it hopes to be a continued wave of stablecoin momentum, Isaacman is off to the public sector.
In addition to his career in finance, Isaacman has led two private spaceflights through SpaceX, in 2021 and 2024, commanding crews on multiday trips around the Earth. His spaceflight ambitions have fostered an increasingly close relationship with SpaceX CEO Musk, who became one of Trump’s biggest backers and is poised to have an outsized role in the administration.
On Dec. 4, Isaacman wrote a letter addressed to his “Shift4 Family,” telling investors and employees that until his appointment is confirmed by the Senate, he will remain as CEO.
“Shift4 has been my life’s work since I was 16 years old,” wrote Isaacman, who dropped out of school and built the company from his parents’ basement. “But it is my time to serve and give back to the nation that enabled me to live the American dream.”
Isaacman said his nomination to lead NASA “reflects my passion for advancing humankind’s reach among the stars, unlocking the secrets of the universe, and improving life on Earth along the way.”
Wilson recalled a dinner with Issacman in March 2022 after The Giving Block transaction closed. They were in Las Vegas, and Isaacman brought Wilson and Duffy to an Italian restaurant called Lago at the Bellagio on the eve of the announcement. Wilson remembers discussing what it was like when Isaacman started his business as a teenager.
“No one cares more and works harder than the founder, and it really shows with Jared,” Wilson said.
Electric bikes are a menace. They go almost as fast as a car (if the car is parking), they’re whisper quiet (which makes them impossible to hear over the podcast playing in your headphones), and worst of all, they’re increasingly ridden by teenagers.
By now, we’ve all seen the headlines. Cities are cracking down. Lawmakers are holding emergency hearings. Parents are demanding bans. “Something must be done,” they cry at local city council meetings before driving back home in 5,000 lb SUVs.
And it’s true – some e-bike riders don’t follow the rules. Some ride too fast. Some are inexperienced. These are real problems that deserve real solutions. But if you think electric bikes are the biggest threat on our roads, just wait until you hear about the slightly more common, slightly more deadly vehicle we’ve been quietly tolerating for the last hundred years.
They’re called cars. And unlike e-bikes, they actually kill people. A lot of people. Over 40,000 people die in car crashes in the US every year. Thousands more are permanently injured. Entire neighborhoods are carved up by high-speed traffic. Kids can’t walk to school safely. But don’t worry – someone saw a teenager run a stop sign on an e-bike, so the real crisis must be those darn batteries on two wheels.
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It’s amazing how worked up people get over a few dozen e-bike crashes when many of us step over a sidewalk memorial for a car crash victim on the way to the grocery store. We’ve been so thoroughly conditioned to accept car violence as part of modern life that the idea of regulating them sounds unthinkable. But regulating e-bikes? Now that’s urgent.
To be clear, this isn’t about ignoring the risks that come with new technology. E-bikes are faster than regular bikes. They’re heavier, too. And they require education and enforcement like any other mode of transport capable of injuring someone, be it the rider or a pedestrian bystander. But the scale of the problem is what matters – and the scale here is completely lopsided. Let’s take New York City, for example. It’s got more e-bike usage than anywhere else in the US, and there are still only an average of two pedestrians per year killed by an e-bike accident. That number for cars? Around 100 per year in NYC. It’s not complicated math – cars are 50x more lethal in the city.
And yet, the person on the e-bike is the one getting the stink eye.
We’ve become so numb to the everyday destruction caused by automobiles that it barely registers anymore. Drunk driving? Distracted driving? Speeding through neighborhoods? It’s just background noise. But the moment someone on an e-bike blows through a stop sign at 16 mph, it’s front-page news and a city council emergency.
Here’s an idea: If we want safer streets, how about we start by addressing the machines that weigh two and a half tons and can hit 100 mph, not the ones that top out at 20 or 28 and are powered by a one-horsepower motor the size of an orange.
But we don’t. Because cars are familiar. Cars are “normal.” Cars are how we built our entire country. And so we turn our attention to the easy target – the new kid on the block. The same old playbook: panic, overreact, and legislate the hell out of it.
Sure, an e-bike might startle you on a sidewalk. But a car can climb that sidewalk and end your life. Which one do we really need to be afraid of?
This isn’t a strawman argument, either. Cars are literally used as mass casualty weapons. It happens all the time. It happened last night in Los Angeles when a disgruntled car driver deliberately plowed into a crowd outside a nightclub, injuring over 30 people. And that wasn’t the only car attack yesterday. Another car rammed into pedestrians on a sidewalk in NYC yesterday morning, leaving multiple pedestrians dead. These aren’t exceptions. This is the normal daily news in the US. It’s depressing, but it bears repeating. This is normal. These are everyday occurrences. Twice a day, yesterday.
While we’re busy debating throttle limits and helmet rules for e-bikes, maybe we should also talk about how tens of millions of drivers still routinely speed, blow stop signs, or scroll Instagram at 45 mph in a school zone. Or how car crashes are the number one killer of teenagers in America. Or we can continue to focus on the kid who forgot to put his foot down at a red light while riding an e-bike to school.
This isn’t satire anymore – it’s just sad. It’s a collective willingness to avoid a real, genuine threat to Americans while simultaneously scapegoating what is, by comparison, a non-threat.
The truth is, electric bikes aren’t the menace. They’re a solution. They’re one of the few glimmers of hope in a transportation system drowning in pollution, congestion, and daily tragedy. They make mobility cheaper, cleaner, and more accessible. And yet we treat them like an invasive species because they disrupt the dominance of the automobile.
It’s time to stop pretending we’re protecting the public from some great e-bike emergency. The real emergency is that we’ve accepted cars killing people as a fair trade for getting to Target five minutes faster.
So yes, let’s make e-biking safer. Let’s educate riders, build better bike infrastructure, and enforce traffic rules fairly. Those are all important things. We absolutely SHOULD invest in training programs to educate teens on safe riding. We absolutely SHOULD cite and fine dangerous riders who could threaten the lives of pedestrians. But let’s stop pretending that e-bikes are the problem when they’re clearly a symptom of a much bigger one.
If you’re really worried about the dangers on our streets, don’t look for the kid on the e-bike. Look for the driver behind them, sipping a latte and going 20 over the speed limit.
Now that’s the menace.
Image note: The first and last images in this article were both AI-generated, and represent everyday car/bike interactions
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The first all-new compact Mopar since the malaise-era K-Car, the Dodge Neon was a revelation. Its fun, approachable face, its “Hi.” marketing campaign, all of it was pitch-perfect for the uncertain times it was launched into. Now, a generation later, Stellantis faces similarly uncertain times – and a new Neon could go a long way towards helping the old Chrysler Co. do what it does best: come back from the brink.
If they wanted to, Stellantis could make it happen tomorrow.
Today, Stellantis is in trouble. Much like it was in the early 90s, the company is hemorrhaging cash, fighting with the unions, and struggling to sell higher-end cars. Today as then, what the company needs is an affordable, simple new car to get people in the showrooms – and in 1994, that new car was the Neon.
In the mid-late 1990s, the Dodge Neon was everywhere. It was affordable, fun to drive, and more or less reliable. It was also economical and fuel-efficient, but it wasn’t that way. It was sold as a fun, smiling face with funky round lights. In R/T and ACR spec, it was sold as an even more fun, smiling face, and offered serious performance chops that still get the grizzled Gen X guys at the SCCA/NASA track days excited.
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Stellantis is selling a car right now, today, that meets all that criteria. It’s the right size, it’s reasonably affordable, and it’s got the right tech – available as both a PHEV and a pure EV – for its time.
Check out the original launch ad for the 1995 Plymouth Neon, below, and tell me they couldn’t do a shot-for-shot remake with a rebadged Ypsilon and make it immediately relevant to car buyers in 1995 in the comments.
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Faraday Future unveiled its upcoming FX Super One MPV on Thursday, which appears to be a rebadged Great Wall Motors Way Gaoshan.
Which brings us to the question: is this how we might see more Chinese EVs make their way to the US?
The EV market in China has grown rapidly in recent years, not just in terms of total sales and revenues for its largest companies, but also in terms of the hundreds of EV companies vying to survive the current highly competitive market there.
But despite massively rising EV sales in the country, EV production is still scaling even faster. This has led to a price war within China due to this glut of cars, and also to Chinese companies seeking more buyers overseas.
BYD has also put out feelers about building a factory in Mexico, but those plans are on pause, ironically because BYD doesn’t want its technology to be stolen by the US (put that one on for some perspective about how far we have fallen behind on EVs, fellow Americans).
But we haven’t yet seen the kind of Chinese EV that the rest of the world is getting – one of those many eye-openingly cheap numbers that could finally bring true affordability to the US market (or bring it back, that is).
That’s due to tariffs, and it’s intentional. There are various arguments given for tariffs’ existence, but they boil down to: the US can’t make cars as cheap as China, and wants to protect its auto industry, and therefore making Chinese EVs more expensive will forestall their entry into the US while we try to get better at making them. I personally find these explanations wanting and consider these tariffs unwise (and they have only gotten more unwise).
But in a world where these tariffs exist, and depending highly on what final form they take, companies will look for ways to minimize their exposure to them and to still bring cars into the US. Much of the EV industry is sourced through China (again, one of the issues the Inflation Reduction Act tried to remedy), so parts will have tariffs on them, in various amounts.
This is where I speculate that the Faraday Future FX Super One could come in. At last night’s unveiling event, it became quite clear that the car is strikingly similar to the Great Wall Motors Wey Gaoshan.
This similarity is not coincidental – Faraday told us that it is working with “a Tier 1 Chinese automotive supplier,” one that we have heard of, to build the FX Super One. That supplier will send stamped bodies to Faraday’s US factory in Hanford, CA, where Faraday will take care of the final assembly.
Faraday didn’t let us take pictures of the interior, even from the outside, but what we saw of the interior on a short ride around the parking lot looked quite similar to the interior of a Wey Gaoshan, just with different controls (for example, the the pull-out fridge in the bottom of this photo is identical to the one I saw in the FX Super One).
Faraday said the interior hasn’t been finalized yet, but also said that it thinks it can have 100-150 cars built by the end of the year. Which is less than half a year away, for a company that has to date built 16 cars (though those it built on its own). So there’s not a lot of time for further changes at this rate.
So, here we have a company that intends to sell a car in the US, much of which originated in China. This seems like it would run afoul of tariffs.
But, depending on how (or if…) these tariffs get edited or finalized, they might be much lower for parts and/or for vehicles that undergo final assembly in the US. So Faraday might be able to get away with importing something very similar to a GWM, doing enough to it here to qualify its way past tariffs, and getting it on the market at a price that doesn’t incorporate the however-many-hundred-percent the US has ridiculously decided to tack on this week.
Faraday also mentioned during its presentations about the FX Super One that it has a US-based software team, which has been at work for some time.
The software in Faraday’s previous vehicle, the FF91, is pretty good, despite being such a low volume vehicle. And it’s gotten much better between the first time I sat in it and when I had a short demo this month of Faraday’s newly-upgraded voice recognition system (now supporting 50+ languages) and swipe gestures for setting volume and HVAC.
We didn’t get to interact with the software on the FX Super One at all, but we would be cautiously optimistic about it based on prior showings.
But more importantly for the purposes of this article, Faraday’s software team is based in the US. And given current US threats to ban any and all Chinese software from vehicles, this too would allow Faraday to swap out some chips and memory cards and make a car perfectly legal from a US perspective.
So it’s possible that Faraday is on to something here, and has found a reasonable way to get Chinese EVs into America, while complying with US law, and while giving the company a much easier way to increase its scale than trying to get numbers up for the slow-growing FF91 project. Faraday does not have the resources to build out mass market manufacturing currently, so this is another option.
Now… this is no $11k Dolphin Seagull, the Wey Gaoshan starts in the mid-$40k range in China, and is considered a luxury model. And here in the US, Faraday is positioning the car as a premium model as well, though hasn’t yet announced pricing or really gotten its messaging straight on whether it’s a mass market vehicle or a VIP/Cadillac Escalade competitor.
But if this is Faraday’s plan, and if the plan works, it could give the US a taste of the EVs that the rest of the world is getting access to, and could show a potential way of getting those cars across the border. There are both pros (competition good, cheaper prices good) and cons (race to the bottom for manufacturing, loss of important American industry) for the US auto market here, so you’ll have to decide which side of that equation you land on, but this could be a harbinger of one way cars from the now-biggest auto exporting country in the world could make their way out into markets that have exhibited hostility to that idea.
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