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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.

Trump signs executive order to establish U.S. strategic bitcoin reserve

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.

Trump announces U.S. strategic crypto reserve including bitcoin, solana, XRP and more

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.

Coinbase's chief policy officer on why he thinks the crypto voter will be 'decisive' in the 2024 election

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.”

Read more about tech and crypto from CNBC Pro

Bitcoin gives back gains after Trump's proposed strategic crypto reserve

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Trump blocked wind projects, and now 17 states and DC are suing

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Trump blocked wind projects, and now 17 states and DC are suing

Seventeen state attorneys general and DC are fighting a Trump executive order that froze permits and funding for all onshore and offshore wind projects on January 20.

The coalition is asking a federal judge to declare the executive order illegal and prevent the Trump administration from obstructing wind energy development. It was filed in federal court in Massachusetts.

New York attorney general Letitia James is leading the coalition. James said, “This arbitrary and unnecessary directive threatens the loss of thousands of good-paying jobs and billions in investments, and it is delaying our transition away from the fossil fuels that harm our health and our planet.”

Federal agencies have stopped issuing permits for wind projects across the board and even pulled the plug on the fully approved Empire Wind in New York, which was already under construction. Developer Equinor, majority owned by the Norwegian government, went through a seven-year permitting process and is considering separate legal actions.

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Massachusetts attorney general Andrea Joy Campbell said that Trump’s “attempts to stop homegrown wind energy development directly contradict his claims that there is a growing need for reliable domestic energy.”

The coalition argues that the action violates the Administrative Procedure Act and other federal laws because the Trump administration, “among other things, provides no reasoned explanation for categorically and indefinitely halting all wind energy development.”

Trump’s executive order puts billions of dollars in state investments at risk, jeopardizing everything from wind industry infrastructure to supply chains and workforce training that’s already well underway.

The coalition consists of attorneys general of Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, New Mexico, Oregon, Rhode Island, and Washington. 

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


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Listen up, car dealers – you need to start selling EVs the way you sell tow rigs

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Listen up, car dealers – you need to start selling EVs the way you sell tow rigs

Professional salespeople love to talk about “the steps of the sale,” a tried-and-true process that guides every customer from curiosity to closed. But when it comes to electric cars, that old-school hustle can fall flat, leaving dealers struggling with how to fit them into their familiar playbook. But what if I told you, dear dealer, that there’s a whole category of vehicles on existing dealer lots that need to be approached in exactly the same way as an EV to score a successful sale that you’re already familiar with?

That category: Heavy-duty tow trucks. Here’s how selling one is a lot like selling the other.

That’s right, greenpeas – selling a tow-rated pickup truck to someone who’s buying it primarily to haul a trailer, boat, or RV is a delicate thing that requires salespeople (and sales managers) to approach their customers with a lot more patience and empathy, and a lot less, “what can I do to get you to drive this home, today?” And, as we go through the whys and hows, I think you’ll agree that all the heavy truck selling wisdom we’re going to cover today will help you sell more electric cars, more often, and for more money.

1. Discovery is where the deal gets done


When it comes to heavy-duty tow vehicles, most smart dealers understand that their customer probably has a better understanding of their individual needs than they do – but it’s still a good idea to go over that understanding during the discovery phase of the sale.

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Has the customer factored in the weight of the trailer and the weight of everyone and everything else inside it? What about the weight of water, tools, or animals? Do they fully understand the concepts of GVWR and GCWR, and the difference between trailer weight and tongue weight? Will they have enough range, when fully loaded, on their standard fuel tank or will they need an aux. tank? What about the future – are they thinking about upgrading their RV or hauling bigger loads longer distances?

In other words, the customer has to trust that the vehicle they’re about to buy from you will meet their needs and fit into their lives today, while also meeting their needs in the foreseeable future. That’s what it looks like in a truck, but now apply that to an EV.

Has the customer mapped out the routes they take every day to make sure they can make the drive? That might sound ridiculous to you and me, but what if they’re depending on a single DC fast charger out on a rural stretch of highway to get the EV to meet their needs? What if they think 200 miles of range is 200 miles of range, but they like to drive 80+ mph (on Chicago’s I-290, that’s a minimum safe travel speed), do they understand that speed impacts range as much as weather?

Tools like Chargeway are great for helping dealers explain EV charging speeds, the impacts of speed and topography on range, and – especially in this era of NACS adapters – where buyers of used or off-lease EVs can charge up and get back on the road.

In either case, the salespeople who take the time in discovery to understand their customers’ needs and become consultative partners will make a sale, the ones who rush through the process won’t, and the ones who sell their customers the wrong thing will make a problem (if not an expensive lawsuit) for the dealership.

2. Options really do matter


When you’re selling a conventional ICE-powered crossover to a typical suburbanite, moving your customer up or down a trim level doesn’t typically impact their use case. Sure, they might have to keep their foot planted a little longer to get up to highway speeds or learn to live with cloth when they really wanted leather or vinyl vegan leather, but they’ll still be able to get five-to-seven adults from point A to point B with the same general effectiveness.

That’s not true when it comes to trucks that are going to get put to work. There, the difference between one axle ration and another can have a huge impact on driver comfort, towing capabilities, and fuel economy – and going from a one-ton truck that’s just outside the customer’s budget to a half-ton that you happen to have on the lot could get someone seriously hurt or killed.

On an EV, the difference might not be so dramatic, but the difference between a Nissan LEAF SV Plus with a 212 mile range and a Nissan LEAF S with 149 miles of range? That could mean the difference between getting to grandma’s house in three hours or five – that’s assuming your customer could even find a CHAdeMO port in the first place!

It may be tempting to switch the customer to a vehicle you have on the lot (especially if that vehicle happens to be an aged unit with a fat spiff on it), but the long-term pain isn’t worth the short-term gain on this one.

3. Information is your friend


This might feel like a duplicate of the discovery phase, but think of it as a member of the “measure twice, cut once” advice genre. That is to say that, sure – the customer thinks that new 5th wheel RV they have on order weighs 11,000 lbs., but does it? Did they add any options of features (see no. 2) that make it heavier? Get the information from the RV manufacturer or dealer and confirm as much as you can. That extra work will help keep your customer safe and build trust.

Similarly, you’ll want to verify your assumptions when it comes to EVs. Is that once-a-month 300 mile drive really 300 miles, or is it 330? Is there more than one charging option available on their preferred route? Is the customer able to make their trip without changing the way your they drive? Are they willing to change up where they stop, or for how long?

When it comes to EVs, especially used ones that came onto your lot as part of a trade deal that you may not be intimately familiar with, I cannot stress how much route planning apps like Chargeway or A Better Route Planner can help salespeople answer questions about electric vehicles confidently and correctly, generate trust, and drive referrals.

4. Aftersales support is critical


Successful salespeople follow up – not just with prospects who are still shopping, but with customers who have already bought. And, just as RVers know other RVers, RV salespeople who get positive feedback about a local dealer who takes the time to make sure their customers get the right truck know RV customers who might need a right truck of their own.

Yes, those RV salespeople might expect a $100 bird dog bonus to send their customers your way, but the money on its own isn’t enough. They have to know they can trust you with their customers, and you build that trust in steps 1-3, above.

It doesn’t take a genius

BMW Genius bar; via BMW.

If there’s one company that absolutely gets it when it comes to helping customers discover whether or not an EV can fit into the way they live, work, and drive today it’s BMW. Their take on the Apple Genius Bar helps consumers set reasonable expectations, understand charging speeds, and build customer loyalty – that’s why they’ve snatched the top spot in the J.D. Power U.S. Electric Vehicle Experience (EVX) Ownership Study for the last few years.

The reason BMW is consistently pulling ahead? It seems to come down to education. “First-time EV buyers are receiving minimal education or training,” explains Brent Gruber, executive director of the EV practice at J.D. Power. “Dealer and manufacturer representatives play the crucial role of front-line educators, but when it comes to EVs, the specific education needed to shorten the learning curve just isn’t happening often enough. The shortfall in buyer education is something we’re seeing with all brands.”

And, if you’re still not quite convinced that you need to learn how to sell EVs to be successful on the sales floor, think again.

Overall, 94% of BEV owners are likely to consider purchasing another BEV for their next vehicle, a rate that is also matched by first-time buyers. Manufacturers should take note of the strong consumer commitment to EVs as the high rate of repurchase intent offers the ability to generate brand loyal customers if the experience is a positive one. In fact, during the past several years, the BEV repurchase intent percentage has fluctuated very little, ranging between 94-97%. This year’s study also finds that only 12% of BEV owners are likely to consider replacing their EV with an internal combustion engine (ICE)-powered vehicle during their next purchase.

J.D. POWER

Listen to an EV convert who has desked an awful lot of car deals, greenpeas – if you treat every EV customer the same way that crusty old fleet rep treats his truck buyers, you’re going to sell a whole lot of EVs. And, if you’re a brave enough little toaster to follow up and ask for that referral, you’ll find that EV buyers know other EV buyers.

Happy hunting.

Original content from Electrek.


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Tesla Cybertruck inventory skyrockets to record high

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Tesla Cybertruck inventory skyrockets to record high

Tesla’s Cybertruck inventory has skyrocketed to a new record high of more than 10,000 units. The vehicle program is in crisis.

We reported at the beginning of April that Tesla ended the first quarter of 2025 with at least 2,400 Cybertrucks in new inventory available in the US.

There’s no exact way to track Tesla’s inventory in the US, but there are ways to track Tesla’s Cybertruck listings. Sometimes, Tesla may have many vehicles with the exact same configuration at the same location and it will only publish a single listing for it.

Therefore, Tesla might have been sitting on more Cybertruck inventory.

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A month later, the number of listings in the US has skyrocketed to over 10,000 Cybertrucks, according to Tesla-Info.com:

This surge could be due to an actual net increase in Cybertruck inventory, but Tesla is also heavily discounting the trucks at varying rates, creating several different prices and, therefore, more listings.

At an average sale price of $78,000, Tesla could have almost $800 million worth of Cybertrucks.

Due to low demand, Tesla appears to have significantly slowed down Cybertruck production in recent months. Therefore, this surge is likely more about Tesla discounting the vehicles, exposing the broader US inventory, than an actual major increase in inventory due to more production.

Many of the Cybertrucks in inventory were built in 2024, so they are already at least four months old. Tesla still has ‘Foundation Series’ Cybertrucks in inventory, which it stopped producing in October 2024—more than seven months ago.

Tesla recently launched the Cybertruck RWD, but it has given up on making it with a smaller battery pack and instead removed many important features.

Electrek’s Take

This is about as bad as it gets. Over 10,000 units account for about two quarters of Tesla’s Cybertruck sales.

It already looks like Tesla has slowed Cybertruck production down to a crawl, but I wouldn’t be surprised if it pauses it soon. The hard part for Tesla is to admit defeat.

The Cybertruck RWD using the same battery pack as the AWD was already a sort of admission that Tesla found the vehicle program to be too small to be worth being produced with two battery pack sizes. The automaker did the same with Model S/X when the program’s volumes shrank following the launches of Model 3 and Model Y.

It looks like under the current circumstances, Tesla will have issues selling more than 20,000 Cybertrucks per year in the US despite having planned production for 250,000 units.

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