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U.S. President Donald Trump sits next to Crypto czar David Sacks at the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.

Evelyn Hockstein | Reuters

David Sacks, the Trump administration’s AI and crypto czar, sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job, according to a memo from the White House.

Of the the assets sold, the documents said that at least $85 million “is directly attributable to Sacks.” The memo, from White House counsel David Warrington, added that Craft remains an investor in some other funds that have digital assets in their portfolios.

The disclosure, dated March 5, is 11 pages long, compared to the two-page document from Robert F. Kennedy Jr., the newly installed secretary of Health and Human Services. Sacks’ divestments mark a stark contrast to the behavior of others in the administration, and follow the first Trump term, during which conflicts of interest were routinely disregarded.

President Trump, in addition to his many real estate assets, currently maintains a major stake in Trump Media & Technology Group, the publicly traded parent of Truth Social, and has launched multiple crypto projects that can rise or fall in value based on various government policies. And Tesla CEO Elon Musk, who also controls SpaceX, social media company X and AI startup xAI, is in position, as one of the president’s top advisers, to shape regulations in a way that potentially favor his businesses.

Three days before his inauguration, President Trump launched a memetoken dubbed $TRUMP through his company, CIC Digital LLC, which owns 80% of the coin’s supply. The Trump family also receives 75% of proceeds from a separate crypto bank launched last year called World Liberty Financial.

Musk, meanwhile, who is heading up the so-called Department of Government Efficiency, or DOGE, counts on government contracts, particularly at SpaceX. The company, for example, has a $1.8 billion contract with the National Reconnaissance Office to build a network of spy satellites.

Beyond Trump and Musk, reports indicate that several cabinet members hold substantial investments in various cryptocurrencies. Commerce Secretary Howard Lutnick, who recently departed his role leading Cantor Fitzgerald, has reportedly made hundreds of millions of dollars from its ties to tether.

Representatives for Musk, the White House and from the Commerce Department didn’t immediately respond to requests for comment.

David Sacks: Treasury, Commerce authorized to devise 'budget-neutral' crypto acquisition plan

Sacks’ divestments

Sacks, who became a well-known national figure as one of the four hosts of the popular All-In podcast, said in an episode of the show last week that he had sold roughly $200 million in crypto “because I didn’t want to even have the appearance of a conflict.”

He was responding to criticism that had been levied by numerous public officials, including Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee. Warren sent a letter to Sacks ahead of last week’s first-ever White House Crypto Summit, raising conflict-of-interest concerns and calling on Sacks to disclose any financial holdings in bitcoin, ether, solana, and other assets included in Trump’s initial proposal for a strategic reserve.

When President Trump finally signed an executive order on the matter on March 6, he said the U.S. was establishing a Strategic Bitcoin Reserve that would not include other digital currencies. Sacks said the reserve would be funded exclusively through tokens seized in criminal and civil forfeiture cases, ensuring no taxpayer burden. The order also created a U.S. Digital Asset Stockpile, managed by the Treasury Department, to hold other confiscated cryptocurrencies.

According to Sacks’ ethics disclosure, he and his venture firm sold off all their liquid cryptocurrency holdings, including bitcoin, ether, and solana, as well as his directly held position in the Bitwise 10 Crypto Index Fund and shares in Coinbase and Robinhood.

Sacks also began liquidating his stake in private digital asset companies, including his limited partner interest in crypto-focused investment funds such as Multicoin Capital and Blockchain Capital.

There are still a handful of digital asset-related holdings in his portfolio. Collectively, these holdings amount to less than 0.1% of his total investment assets, with their sale described as “certain and imminent.”

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

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750W e-bikes in Europe? Discussions underway to update e-bike laws

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750W e-bikes in Europe? Discussions underway to update e-bike laws

The e-bike industry in the West has long been a tale of two territories. North Americans enjoy higher speeds and power limits for their electric bicycles while Europeans are held to much stricter (i.e. slower and lower) speed and power limits. However, things might change based on current discussions on rewriting European e-bike regulations.

New power levels are not totally without precedent, either. The UK briefly considered doubling its own e-bike power limit from 250 watts (approximately 1/3 horsepower) to 500 watts, though the move was ultimately abandoned.

But this time, the call for more power is coming from within the house – i.e., Germany. The Germans are the undisputed leaders and trend setters in the European e-bike market, accounting for around two million sales of e-bikes per year. Home to leading e-bike drive makers like Bosch, the country has yet another advantage when it comes to making – or regulating – waves in the industry.

And while there aren’t any pending law changes, the largest German trade organization ZIV (Zweirad-Industrie-Verband), which is highly influential in achieving such changes, is now discussing what it believes could be pertinent updates to current EU electric bike regulations.

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Some of the new regulations involve creating rules maxing out power at levels such as 400% or 600% of the human pedaling input. But a key component of the proposed plan includes changing the present day power limit of e-bikes from 250W of continuous power at the motor to 750W of peak power at the drive wheel.

The difference includes some nuance, since continuous power is often considered more of a nominal figure, meaning nearly every e-bike motor in Europe wears a “250W” or less sticker despite often outputting a higher level of peak power. Even Bosch, which has to walk the tight and narrow as a leader in the European e-bike drive market, shared that its newest models of motors are capable of peak power ratings in the 600W level. That’s still far from the commonly 1,000W to 1,300W peak power seen in US e-bike motors, but offers a nice boost over an actual 250W motor.

Other new regulations up for discussion include proposals to limit fully-loaded cargo e-bike weights to either 250 kg (550 lb) for two-wheelers or 300 kg (660 lb) for e-bikes with more than two wheels. As road.cc explained, ZIV also noted that, “separate framework conditions and parameters must be defined for cargo bikes weighing more than 300 kg (see EN 17860-4:2025) as they differ significantly from EPACs and bicycles in their dynamics, design and operation.” Such heavy-duty cargo e-bikes, which often more closely resemble small delivery vans than large cargo bikes, are becoming more common in the industry and have raised concerns about cargo e-bike bloat, especially in dedicated cycling paths.

It’s too early to say whether European e-bike regulations will actually change, but the fact that key industry voices with the power to influence policy are openly advocating for it suggests that new rules for the European market are a real possibility.

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

Read more: California now has nearly 50% more EV chargers than gas nozzles


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Two charged in $650 million global crypto scam that promised 300% returns

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

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In reality, authorities allege, OmegaPro was a pyramid-style fraud.

When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.

The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.

The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.

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