FRANCE – 2025/01/20: In this photo illustration, Trump Meme , Trump the Crypto president, is seen displayed on a smartphone screen. (Photo Illustration by Romain Doucelin/SOPA Images/LightRocket via Getty Images)
Romain Doucelin | Getty Images
Crypto executives, companies and investors are getting an early return on their investment in Donald Trump.
After pouring tens of millions of dollars into Trump’s 2024 campaign for president, the crypto industry has been paid back handsomely during his first week in the White House.
“I don’t think they could have imagined a better outcome than they just got in the past 48 hours,” Benchmark’s Bill Gurley, known for an early bet on Uber, told CNBC’s “Closing Bell” on Friday. Gurley said that while tech’s newfound influence in Washington may be harmful to some parts of the startup world, “it’s obviously good for crypto.”
The industry’s support for Trump was built on the Republican leader’s promise to stop the government’s crackdown on crypto and implement regulations favorable to those who wanted to develop new types of payment technologies while easing restrictions on investments in cryptocurrencies.
Industry heavyweights like Coinbase CEO Brian Armstrong and Binance CEO Richard Teng are lauding the start of a new era.
“You have to remember, the last four years, we really felt like we were being attacked by this administration,” Armstrong told CNBC at the annual World Economic Forum in Davos, Switzerland. Armstrong criticized the Biden White House for trying to “weaponize the lack of clarity in the rules,” punishing even the companies that were trying to be helpful.
“There were some bad actors too, to be fair,” Armstrong said. “But they even really tried to go after the good actors, I think, like us.” Coinbase was one of the leading corporate donors in the 2024 election cycle.
Bitcoin hit a record high of around $109,000 on Monday and hovered near $105,000 by the end of the week. It’s up more than 50% since Trump’s election victory in early November.
Trump’s crypto executive order
U.S. President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on Jan. 23, 2025.
Kevin Lamarque | Reuters
The 48-hour stretch referenced by Gurley included an executive order signed by Trump on Thursday to promote digital asset adoption in the U.S.
Trump called on members of Treasury, the SEC and the Commodity Futures Trading Commission to join forces in a working group to evaluate the potential of stockpiling cryptocurrencies seized by the government.
The order outlined other key priorities, such as protecting bitcoin miners and software developers from what the president called “persecution,” and promoting U.S. dollar-pegged stablecoins, while banning a digital dollar from the Federal Reserve.
Venture capitalist David Sacks, who Trump tapped to be the White House AI and crypto czar, joined the president in the Oval Office for the signing of the order.
Later on Thursday, the SEC made a landmark announcement, withdrawing an accounting rule that made institutional crypto adoption more difficult by forcing banks to treat bitcoin and other tokens as a liability on their balance sheet.
The rule, known as SAB 121, was introduced in 2022 and subjected digital assets to strict capital requirements. It also raised the financial and regulatory risks of offering crypto custody services and boosted operational costs for financial institutions.
Efforts to overturn SAB 121 gained bipartisan support in Congress last year. But then-President Biden vetoed the proposed legislation, leaving the rule intact, further discouraging banks from adopting digital assets beyond derivatives trading and offering exchange-traded funds to wealth management clients.
The move was celebrated by SEC Commissioner Hester Peirce, who on Tuesday was tapped to lead a new “crypto task force” within the agency.
“Bye, bye SAB 121! It’s not been fun,” she wrote in a post on X.
Before the SEC’s announcement, Goldman Sachs CEO David Solomon told CNBC in Davos that from a regulatory perspective, the bank couldn’t own bitcoin and that it would revisit the issue if the rules changed. The CEOs of Morgan Stanley and Bank of America also said that President Trump’s pro-crypto tone could reshape their plans and potentially lead to expanded digital offerings.
Days earlier, Gary Gensler stepped down from his role as SEC chair. Gensler, who emerged as an adversary to the crypto industry, had defended the rule as necessary to protect investors in the event of crypto firm bankruptcies. Trump’s pick to succeed Gensler is former SEC Commissioner Paul Atkins, who is currently CEO at Patomak Global Partners.
Silk Road founder gets out of prison
Ross Ulbricht, the creator of the website Silk Road, appears in an undated photograph made from his computer and presented as an exhibit during his 2015 criminal trial in New York federal court.
SDNY | Via Reuters
Trump’s first big nod to the crypto industry as president came earlier in the week and took a very different form.
On Tuesday, his second day in office, Trump granted a full pardon to Ross Ulbricht, the founder of Silk Road. Ulbricht, 40, had been serving a life sentence without the possibility of parole since 2015, after he was convicted in federal court on seven charges that included distributing narcotics and conspiring to commit computer hacking.
Silk Road operated from 2011 to 2013, serving as a dark web marketplace where users bought and sold a mix of contraband, including illegal narcotics like heroin. The platform facilitated more than $200 million in sales, according to federal prosecutors, and was tied to the death of at least six people.
At its peak, Silk Road functioned as a global drug bazaar, with transactions conducted largely in bitcoin, making it one of the earliest large-scale applications of a cryptocurrency. Prosecutors later argued that the anonymity afforded by bitcoin was instrumental in letting Silk Road vendors mask their identities.
Ulbricht had become a cult hero of sorts in the crypto community, and the “Free Ross” movement had gained resonance among conservative media personalities and politicians.
“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” Trump wrote in a post on Truth Social on Tuesday.
Changpeng Zhao, the billionaire co-founder and former CEO of Binance, commented on X with a clapping emoji after the pardon was announced. Zhao was sentenced to four months in prison in April, after pleading guilty to charges of enabling money laundering at his crypto exchange.
The Trump meme coins
Hakan Nural | Getty Images
Not all of Trump’s actions in the past week have been universally praised by the crypto industry.
Most notably, the president has been frolicking in a part of the market that’s notorious for scams. Last weekend, while crypto leaders and members of Trump’s family and inner circle were partying at the Crypto Ball in Washington, the $TRUMP meme coin was taking off online.
Then came the $MELANIA coin. Taken together, the Trump family made billions of dollars on paper due to their ownership of assets created out of thin air. Crypto enthusiasts worry that it’s a troubling sign of Trump’s real intent and is damaging to the credibility of an industry that’s trying to prove its legitimacy.
“Call me old fashioned but I think presidents should focus on running the country and not launching scam tokens,” wrote Nic Carter of Castle Island Ventures, in a post on X.
The website for $TRUMP says 80% of the supply is held by the Trump Organization and affiliates.
Lawmakers also have objections.
Sen. Elizabeth Warren and Rep. Jake Auchincloss, both Massachusetts Democrats, raised issues regarding the first couple using their positions for enrichment, along with the potential for “rug-pull” scams.
“We write with deep concern about the decision by President Trump and First Lady Melania Trump to launch two meme coins, $TRUMP and $MELANIA, that allow them to earn extraordinary profits off his Presidency,” the pair said in a letter obtained by CNBC.com. “These coins do not create new faster, cheaper, and safer payments rails. These coins do not help people borrow more affordably. They do not improve the financial system in any way for consumers.”
$TRUMP is now trading at under $30, down more than 50% from its peak shortly after launch. The $MELANIA token has plunged more than 80% from its high, and is currently trading below $2.50.
The meme coins are subject to a multi-year vesting schedule, ensuring that the majority of tokens cannot be liquidated all at once. Without selling any tokens, former Coinbase executive and crypto analyst Conor Grogan estimates that the Trump team still generated $58 million in trading fees on the first day.
Skepticism isn’t limited to the meme coins.
In Trump’s executive order on Thursday, the president fell short of directing the U.S. to start buying bitcoin directly and holding it as a reserve.
Ahead of the order, Binance CEO Richard Teng told CNBC in Davos that he anticipated the U.S. would establish a strategic bitcoin reserve. Circle CEO Jeremy Allaire called it “prudent” for central banks to hold reserves in bitcoin.
Trump had floated the idea on the campaign trail, suggesting that a U.S. bitcoin reserve could be backed by crypto assets seized from hackers and fraud rings, a proposal that remains under consideration.
But in his 1,300-word executive order on Thursday, Trump didn’t just avoid calling for a bitcoin reserve. The word bitcoin was nowhere to be found.
In a bold bid to combat the crippling air pollution crisis in its capital, Delhi, Indian lawmakers have begun high-level discussions about a plan to phase out gas and diesel combustion vehicles by 2035 – a move that could cause a seismic shift in the global EV space and provide a cleaner, greener future for India’s capital.
Long considered one of the world’s most polluted capital cities, Indian capital Delhi is taking drastic steps to cut back pollution with a gas and diesel engine ban coming soon – but they want results faster than that. As such, Delhi is starting with a city-wide ban on refueling vehicles more than 15 years old, and it went into effect earlier this week. (!)
“We are installing gadgets at petrol pumps which will identify vehicles older than 15 years, and no fuel will be provided to them,” said Delhi Environment Minister Manjinder Singh Sirsa … but they’re not stopping there. “Additionally, we will intensify scrutiny of heavy vehicles entering Delhi to ensure they meet prescribed environmental standards before being allowed entry.”
The Economic Times is reporting that discussions are underway to pass laws requiring that all future bus purchases will be required to be electric or “clean fuel” (read: CNG or hydrogen) by the end of this year, with a gas/diesel ban on “three-wheelers and light goods vehicles,” (commercial tuk-tuks and delivery mopeds) potentially coming 2026 to 2027 and a similar ban privately owned and operated cars and bikes coming “between 2030 and 2035.”
Electrek’s Take
Xpeng EV with Turing AI and Bulletproof battery; via XPeng.
Last week, Parker Hannifin launched what they’re calling the industry’s first certified Mobile Electrification Technology Center to train mobile equipment technicians make the transition from conventional diesel engines to modern electric motors.
The electrification of mobile equipment is opening new doors for construction and engineering companies working in indoor, environmentally sensitive, or noise-regulated urban environments – but it also poses a new set of challenges that, while they mirror some of the challenges internal combustion faced a century ago, aren’t yet fully solved. These go beyond just getting energy to the equipment assets’ batteries, and include the integration of hydraulic implements, electronic controls, and the myriad of upfit accessories that have been developed over the last five decades to operate on 12V power.
At the same time, manufacturers and dealers have to ensure the safety of their technicians, which includes providing comprehensive training on the intricacies of high-voltage electric vehicle repair and maintenance – and that’s where Parker’s new mobile equipment training program comes in, helping to accelerate the shift to EVs.
“We are excited to partner with these outstanding distributors at a higher level. Their commitment to designing innovative mobile electrification systems aligns perfectly with our vision to empower machine manufacturers in reducing their environmental footprint while enhancing operational efficiency,” explains Mark Schoessler, VP of sales for Parker’s Motion Systems Group. “Their expertise in designing mobile electrification systems and their capability to deliver integrated solutions will help to maximize the impact of Parker’s expanding METC network.”
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The manufacturing equipment experts at Nott Company were among the first to go through the Parker Hannifin training program, certifying their technicians on Parker’s electric motors, drives, coolers, controllers and control systems.
“We are proud to be recognized for our unwavering dedication to advancing mobile electrification technologies and delivering cutting-edge solutions,” says Nott CEO, Markus Rauchhaus. “This milestone would not have been possible without our incredible partners, customers and the team at Nott Company.”
In addition to Nott, two other North American distributors (Depatie Fluid Power in Portage, Michigan, and Hydradyne in Fort Worth, Texas) have completed the Parker certification.
Electrek’s Take
T7X all-electric track loader at CES 2022; via Doosan Bobcat.
With the rise of electric equipment assets like Bobcat’s T7X compact track loader and E10e electric excavator that eliminate traditional hydraulics and rely on high-voltage battery systems, specialized electrical systems training is becoming increasingly important. Seasoned, steady hands with decades of diesel and hydraulic systems experience are obsolete, and they’ll need to learn new skills to stay relevant.
Certification programs like Parker’s are working to bridge that skills gap, equipping technicians with the skills to maximize performance while mitigating risks associated with high-voltage systems. Here’s hoping more of these start popping up sooner than later.
Based on a Peterbilt 579 commercial semi truck, the ReVolt EREV hybrid electric semi truck promises 40% better fuel economy and more than twice the torque of a conventional, diesel-powered semi. The concept has promise – and now, it has customers.
Austin, Texas-based ReVolt Motors scored its first win with specialist carrier Page Trucking, who’s rolling the dice on five of the Peterbilt 579-based hybrid big rigs — with another order for 15 more of the modified Petes waiting in the wings if the initial five work out.
The deal will see ReVolt’s “dual-power system” put to the test in real-world conditions, pairing its e-axles’ battery-electric torque with up to 1,200 miles of diesel-extended range.
ReVolt Motors team
ReVolt Motors team; via ReVolt.
The ReVolt team starts off with a Peterbilt, then removes the transmission and drive axle, replacing them with a large genhead and batteries. As the big Pete’s diesel engine runs (that’s right, kids – the engine stays in place), it creates electrical energy that’s stored in the trucks’ batteries. Those electrons then flow to the truck’s 670 hp e-axles, putting down a massive, 3500 lb-ft of Earth-moving torque to the ground at 0 rpm.
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The result is an electrically-driven semi truck that works like a big BMW i3 or other EREV, and packs enough battery capacity to operate as a ZEV (sorry, ZET) in ports and urban clean zones. And, more importantly, allows over-the-road drivers to hotel for up to 34 hours without idling the engine or requiring a grid connection.
That ability to “hotel” in the cab is incredibly important, especially as the national shortage of semi truck parking continues to worsen and the number of goods shipped across America’s roads continues to increase.
And, because the ReVolt trucks can hotel without the noise and emissions of diesel or the loss of range of pure electric, they can immediately “plug in” to existing long-haul routes without the need to wait for a commercial truck charging infrastructure to materialize.
“Drivers should not have to choose between losing their longtime routes because of changing regulatory environments or losing the truck in which they have already made significant investments,” explains Gus Gardner, ReVolt founder and CEO. “American truckers want their trucks to reflect their identity, and our retrofit technology allows them to continue driving the trucks they love while still making a living.”
If all of that sounds familiar, it’s probably because you’ve heard of Hyliion.
In addition to being located in the same town and employing the same idea in the same Peterbilt 579 tractor, ReVolt even employs some of the same key players as Hyliion: both the company’s CTO, Chandra Patil, and its Director of Engineering, Blake Witchie, previously worked at Hyliion’s truck works.
Still, Hyliion made their choice when they shut down their truck business. ReVolt seems to have picked up the ball – and their first customer is eager to run with it.
“Our industry is undergoing a major transition, and fleet owners need practical solutions that make financial sense while reducing our environmental impact,” said Dan Titus, CEO of Page Trucking. “ReVolt’s hybrid drivetrain lowers our fuel costs, providing our drivers with a powerful and efficient truck, all without the need for expensive charging infrastructure or worrying about state compliance mandates. The reduced emissions also enable our customers to reduce their Scope 2 emissions.”
Page Trucking has a fleet of approximately 500 trucks in service, serving the agriculture, hazardous materials, and bulk commodities industries throughout Texas. And, if ReVolt’s EREV semis live up to their promise, expect them to operate a lot more than 20 of ’em.