Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. He also said the cryptocurrency exchange is looking to invest more outside of the U.S.
Carlos Jasso | Bloomberg | Getty Images
Now that President Trump has announced plans for a Strategic Bitcoin Reserve, crypto industry leaders can focus on what else they want to hear from the new administration on Friday.
Just over six weeks into his second White House term, Trump is hosting his first Crypto Summit, a nod to an industry that played a major role in his election victory in November. No executive was more central to that effort than Coinbase CEO Brian Armstrong.
Once a Silicon Valley entrepreneur focused on onboarding the world to digital assets, Armstrong has spent the last year transforming himself into crypto’s ambassador in Washington, D.C., funneling millions into elections, building alliances, and ensuring the digital currencies market has a seat at the table.
“My goal in attending this is really just, first of all, to thank President Trump for helping make the United States the crypto capital of the world,” Armstrong told CNBC ahead of the meeting. “I think he’s lived up to that campaign promise so far, and we’ve seen a lot of work getting done here in a positive way.”
Joining Armstrong at Friday’s summit, which is being led by White House AI and Crypto Czar David Sacks, will be Strategy Chairman Michael Saylor, Robinhood CEO Vlad Tenev, and Chainlink’s Sergey Nazarov, among others. They’re planning to discuss digital asset regulation as well as the mechanics of the Strategic Bitcoin Reserve, which Trump announced late Thursday by way of executive order.
Armstrong, whose company helped the crypto sector raise and direct $250 million into the 2024 election cycle, outpacing Wall Street banks and the oil industry, has been instrumental in shaping the new administration’s approach to digital assets. Crypto’s push to unseat opposition lawmakers and install pro-crypto candidates paid off handsomely, flipping key seats and cementing the sector as a major political force in Washington.
Several million dollars were funneled directly to Trump’s campaign and inaugural fund, a sign of just how much was riding on his victory.
At Friday’s summit, Armstrong says his top priority will be pushing forward new laws.
“From our point of view, the next step in the United States that’s the most urgent is getting legislation passed,” he said. He specifically pointed to stablecoin regulation and broader market structure reforms.
Momentum for regulatory clarity is already shifting in crypto’s favor. The Senate this week voted, with strong bipartisan support, to overturn two Biden-era regulations that the industry opposed. Sen. Ted Cruz, R-TX, called the wins a gateway for more comprehensive legislation.
Crypto’s wish list
For Sergey Nazarov, co-founder of Chainlink, a key issue is how the U.S. can use blockchain technology to maintain its dominance in global finance.
“Really what matters for financial systems is assets,” said Nazarov, whose company provides a blockchain-based platform for digital assets. “Does the U.S. generate the largest collection of the best base assets that are then wrapped, rewrapped, and repackaged by others? That’s how I define global leadership of a financial system in this new model.”
Nazarov said the U.S. must ensure that key financial markets – treasuries, investment funds, and real estate – are tokenized. He sees that as the defining financial shift of the next 50 years, similar to the move from paper-based markets to internet-based financial products.
Robinhood’s Tenev has emerged as one of the most vocal advocates for tokenization, arguing that blockchain technology can democratize private markets and break down barriers to investment in the world’s most valuable companies. In a Washington Post op-ed, he pointed out that companies like OpenAI, SpaceX, and Stripe are worth hundreds of billions of dollars combined but remain inaccessible to everyday investors, with profits concentrated among a small group of insiders.
“Crypto technology can unlock new ways to trade and invest in all assets, from digital to real-world,” he told CNBC ahead of the event. “Tokenization will transform investing, but we need regulatory clarity to make it happen.”
Under current SEC rules, only accredited investors, people with over $1 million in net worth or $200,000 in annual income, can participate in private markets. Tenev says that reforming these outdated rules and creating a security token registration framework would level the playing field for retail investors, giving them access to high-growth opportunities that have long been reserved for venture capitalists.
Robinhood CEO and co-founder Vlad Tenev and co-founder Baiju Bhatt pose with Robinhood signage on Wall Street after the company’s initial public offering in New York City on July 29, 2021.
Andrew Kelly | Reuters
Prior to Thursday’s executive order, the big debate in the industry was what kind of strategic reserve Trump would propose. The announcement ends speculation over whether the reserve would include multiple cryptocurrencies. While Trump’s initial post on Truth Social named five tokens — bitcoin, ether, XRP, Solana’s SOL token and Cardano’s ADA coin — the final order limits the reserve to bitcoin.
SOL, ether and bitcoin all fell around 5% late Thursday, while ADA plunged nearly 12%.
The order marks the U.S. government’s first formal recognition of bitcoin as a strategic asset. The reserve will be funded exclusively through bitcoin seized in criminal and civil forfeiture cases, ensuring taxpayers bear no financial burden.
Non-bitcoin assets will be placed in a separate Digital Asset Stockpile managed by the Treasury Department.
Nic Carter of Castle Island Ventures said the decision cements bitcoin’s status as a global asset, “somewhere in the realm of gold.”
Anchorage Digital CEO Nathan McCauley, who will also be at Friday’s summit, called the development “a huge moment for both crypto and American leadership on the global stage.”
“By holding bitcoin and other digital assets for the long term, the White House is taking a future-forward approach to bolstering American economic competitiveness — not just for the decade ahead, but for the next century,” said McCauley.
The bitcoin audit
For David Bailey, CEO of BTC Inc. and one of the key figures credited with influencing Trump’s embrace of bitcoin, the priority is understanding the size of the country’s bitcoin ownership.
“One is to figure out how much bitcoin America holds, and what we can do as an industry to help the government secure it,” he said.
The Treasury Department must now conduct a full audit of the government’s holdings, estimated at 200,000 bitcoin. Sacks confirmed that the government will not sell any bitcoin from the reserve, positioning it as a permanent store of value.
Bailey, who convinced Trump to keynote the biggest bitcoin conference of the year in Nashville in July, is also pushing for bitcoin-backed Treasury bonds, arguing that integrating bitcoin into the U.S. debt system could strengthen the country’s balance sheet and attract more buyers.
“If we mix bitcoin reserves with U.S. bonds, we could create significant demand by giving investors exposure to bitcoin’s performance,” he said.
Armstrong told CNBC that Coinbase would “absolutely” step up to be a crypto custodian for the government in the context of a national reserve, adding that the company already works with various parts of the government on crypto custody and trading.
“We’re always happy to continue doing that,” Armstrong said.
Ryan Gilbert, a fintech investor, said the reserve will send a strong message to institutions that bitcoin is here to stay.
“We’re also seeing that this is going to be the mirror image of a lot of corporations that have looked at their treasuries and started to invest in bitcoin,” he said, pointing to Saylor and Strategy as early adopters. “I think this will spark a whole new wave of confidence in the asset, both from corporations and the U.S. government.”
Saylor’s company has amassed a roughly $43 billion stash of bitcoin, accounting for almost all of its market cap.
“I think this executive order is well considered and auspicious for the United States, the crypto industry, and bitcoin,” Saylor told CNBC.
The move faces some pressure from Democrats. Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, sent a letter to Sacks ahead of the meeting, raising conflict-of-interest concerns and questioning whether Sacks had advance knowledge of Trump’s Truth Social post that initially floated a multi-coin strategic reserve.
Warren called on Sacks to disclose any financial holdings in bitcoin, ether, solana, and other assets included in the reserve, noting that his firm, Craft Ventures, was heavily invested in these tokens through Bitwise as of Jan. 1. She also pressed for public disclosure of his government ethics filings, which, as an unpaid special government employee, he has to file but isn’t required to make public.
Sacks said this week on X that he sold “all my cryptocurrency and my crypto-focused funds” before joining the administration.
After the summit, many of the attendees will regroup at an off-the-record event hosted by Coinbase, along with invited members of the administration. Armstrong is gearing up to play the long game.
“The fight for crypto here is more urgent than ever,” Armstrong said.“If the U.S. leads on this front, I think the rest of the G20 could be pretty inspired by it, and that has a lot of domino effects downstream.”
Hyundai flew us out to Savannah, Georgia, a few weeks ago to get our first impressions of the much-anticipated Ioniq 9 three-row SUV. The vehicle uses the same E-GMP platform as the Kia EV9 and some smaller HMG EVs but the real question is: how is the Ioniq 9 different? Let’s take a look…
Size matters
This is a big EV with spacious three rows that seat six or seven adults comfortably. As far as I am concerned,the Ioniq 9 is Hyundai’s flagship vehicle.
The drive was similar to the Kia EV9, which is obviously a good thing. The big vehicle has solid electric acceleration, and Hyundai has done great work with the suspension to make this heavy car feel light on its toes. But Hyundai has made efforts to make the drive even smoother and quieter. The foam-filled tires, soft suspension, acoustic glass, and active noise cancellation all make the ride feel like floating rather than driving.
Front-row seats are not only spacious but also offer ample comfort and legroom. Also, there’s plenty of legroom in the second row (42.8 inches) and spacious third row (32.0 inches). Did I mention this is a big vehicle?
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What stands out to me on the interior is the flat floor enabled by the E-GMP battery and remarkably long wheelbase (3,130mm / 123.2 inches). It doesn’t feel like an SUV inside, it feels like a big minivan (oxymoron noted). While many folks are embarrassed to be seen in a minivan, nothing beats the configuration internally for trips and driving more than 4 people around – so the comparison is fully complimentary.
Hyundai obviously kitted us out with their top-end interiors, and they definitely felt sporty and luxurious.
Frunk
The Frunk o the Ioniq 9 isn’t anything to write home about and one of the few downsides to this vehicle. Hyundai of course says that their customers don’t want it, just like the bigger Frunk-maker’s say that their customers love it. For better or worse, it is a great place to put some charging cables, a tire inflator kit or some valuables but don’t expect it to be used frequently like a Tesla/Rivian or F-150/Silverado Frunk for groceries and general purpose cargo.
I really love the look of the Ioniq 9, which the company says is shaped like a sailboat hull with its big taper at the back. That also gives the Ioniq an otherworldly low drag coefficient of 0.259. That, along with the big 110kWh battery and Hyundai’s always efficient EVs, gets this thing to 335 miles for the RWD version. The performance AWD variant only drops down to 311 miles, a hit worth taking.
That range and the spacious interior mean that this is a great road trip EV. AWD versions can even tow up to 5000lbs. HMG’s software adjusts range predictions based on towing. Aerodynamics and efficiency of the trailer will all determine how much range is sacrificed but with over 300 miles to start with, odds are it will get you where you are towing.
NACS charging
The Ioniq 9 is one of the first non-Tesla EVs to come standard with a NACS charger, meaning it can natively charge at most Tesla Superchargers. Hyundai also includes an adapter so it can charge at CCS Combo stations and use a J-1772 Level1/2 charger.
Exterior
I am torn on the exterior look of the Ioniq 9. I love the shape, which Hyundai says is reminiscent of the aerodynamic hull of a sailing ship. I love the pixel lights that have become iconic in Hyundai’s EV lineup. Even the overall silhouette, something that Hyundai calls “Aerosthetic”—a harmonious blend of aerodynamics and aesthetics— is pretty incredible.
But I don’t love some of the design ornaments–like the cutout pieces over the front and back wheels. While I realize that seems like a nit-pick, I can’t unsee it. It is more subdued in the darker colors, however.
Pricing: starts at $58,955 for the RWD S trim and goes up to $76,490 for the Performance Calligraphy Design AWD trim. Eligible for $7500 Federal tax credit and various state/local and utility discounts.
Electrek’s take
I really love this take on the 3rd row electric SUV. Would I take the Ioniq 9 off-road like a Rivian? No. Does it accelerate like a Telsa Model X? No.
However, it does everything most third-row SUV owners expect, and it does it quietly and effortlessly. For those looking for a luxurious 3-row electric SUV with an interior that rivals the comfort of a minivan, you have to put the Hyundai Ioniq 9 at the top of your list.
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That larger Honda electric SUV may be a pipe dream after all. Honda follows Ford, Toyota, and other automakers in adjusting major EV plans in the US.
Honda scraps plans for a larger electric SUV
Although Honda’s first electric SUV, the Prologue, was one of the top-selling EVs in the US last year, the Japanese automaker is preparing for a slowdown.
Thanks to the Trump Administration’s recently passed “Big, Beautiful Bill,” which kills off the $7,500 federal tax credit at the end of September, Honda expects lower demand for EVs.
According to a new Nikkei report, Honda is now scrapping plans for its larger electric SUV in the US, its largest market. Instead, the company will focus on hybrid vehicles, similar to recent moves from Ford, Toyota, and others.
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Honda’s larger electric SUV was due to be released around 2027, about the same time as Ford and Toyota’s three-row EV SUVs. The upcoming Honda 0 Series electric SUV and sedan are still set to arrive starting next year.
Honda announced earlier this year that it is reducing its planned EV investments by $21 billion through 2030, as it expects lower demand. Like Ford and Toyota, Honda will focus on hybrids in the meantime.
Honda 0 SUV (Source: Honda)
In a separate report on June 20, Nikkei claimed that Honda and Nissan were considering a new US partnership just months after their global tie-up fell through.
Electrek’s Take
Honda is one of the few Japanese automakers to gain some momentum in the US EV market, but scrapping plans for the bigger model could put it behind rivals like Hyundai and Kia.
Through the first half of the year, Honda has sold over 16,300 Prologues in the US. In comparison, Toyota sold just over 9,200 bZ4X models.
Even Acura’s EV is seeing significantly more demand than expected. Acura sold 10,355 ZDX models in the first half of 2025, outpacing the Cadillac Lyriq, which is based on the same platform. Earlier this year, Mike Langel, vice president of national sales for Acura, told Automotive News that the company expected to sell around 1,000 ZDX models a month this year.
Honda, like most of the auto industry, is bracing for a shakeup as the Trump Administration rolls back EV incentives, putting the US on track to lag even further behind leaders like China.
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Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.
According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.
“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.
The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.
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The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.
Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.
And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.
The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.
Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.
That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.
The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.
Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.
The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.
Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.
In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.
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