Coinbase’s big election bet is about to be tested

Published

2 months ago

November 5, 2024

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How Coinbase is looking to drive crypto voters to the polls

WASHINGTON — In the first few years after founding Coinbase, CEO Brian Armstrong shied away from Washington, D.C. But as his ambitions for his crypto exchange scaled, so too did his need to curry favor on Capitol Hill.

“About five or six years ago, we realized that crypto was getting big enough that we needed to go really engage actively in a policy effort, so I started coming out to D.C.,” Armstrong, who started Coinbase in 2012, told CNBC in September, following a day of meetings with political leaders.

Now, it’s practically Armstrong’s full-time job, and Coinbase’s money is all over the nation’s capital. The company was one of the top corporate donors this election cycle, giving more than $75 million to a group called Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms. Armstrong personally contributed over $1.3 million to a mix of candidates up and down the ballot.

The tech industry’s biggest names have dotted Washington for years to try and push their agendas as their market caps have expanded, but for Coinbase, the matter is potentially existential.

SEC Chair Gary Gensler sued the firm last year over claims that it sells unregistered securities. A judge has since ruled that the case should be heard by a jury. Coinbase has fought back vociferously, and has also said that it wants to work with regulators to come up with a proper set of laws governing the nascent industry.

Meanwhile, Coinbase faces a growing list of competitors.

In the company’s latest quarterly earnings report last week, Coinbase missed on the top and bottom lines due to lower transaction revenues and a drop in subscription and services revenues. The shares plummeted 15%.

Data from CCData shows the exchange is losing spot market share to industry rivals like Crypto.com. And investors have many new options for accessing bitcoin and ethereum since the SEC greenlit spot funds this year. BlackRock’s ETF chief Samara Cohen told CNBC that 75% of its bitcoin buyers are crypto investors who are new to Wall Street.

Washington can’t save Coinbase from the competition, but the company is betting that, with favorable lawmakers in place, it can be the leader in a thriving industry rather than under the constant threat of lawsuits and Wells notices.

Armstrong said his D.C. visits normally took place once or twice a year. Then it got to be at least a quarterly occasion. And the pace has only increased.

“In the beginning, a lot of people didn’t know what crypto was,” Armstrong said of his earlier trips. Now, “the discussion has advanced, really, to, how do we pass clear rules, create legislation in the United States?”

An SEC sans Chair Gensler

Paul Grewal, Coinbase’s chief legal officer, attended a fundraiser in San Francisco in June that raised $12 million for former President Donald Trump. It was hosted by venture capitalist David Sacks, a former Trump critic who became an outspoken supporter when he became the Republican nominee.

Grewal later joined a fundraiser in Nashville in July for the former president.

Trump has never shown much of an aptitude for the nuances of crypto, but he’s welcomed the industry’s financial support. He was applauded in the summer, when he vowed to fire Gensler as head of the SEC if he wins.

Grewal told CNBC that he’s had “many conversations” behind closed doors with both the Trump camp as well as Democratic Vice President Kamala Harris’ campaign. Heading into Election Day on Tuesday, the candidates were in a virtual dead-heat.

“What I think we’re hearing from both campaigns is they get it,” Grewal said. “They understand that in swing state after swing state, there are enough voters who care about crypto that the candidate and their campaigns need to give voice to the concerns of those voters in supporting sensible rules for crypto, sensible legislation coming out of Congress, and that’s very encouraging.”

Grewal said that Trump “came earlier to this pro-crypto view,” but said that Harris recognizes the need for “an agenda focused on promoting sensible rules for crypto as much as any other technology.”

But Coinbase has stayed out of the presidential contest and focused its finances exclusively on Congressional races, as the company looks to help assemble a group of lawmakers with favorable views of the industry.

The Stand With Crypto Alliance, launched by Coinbase last year, has developed a grading system for House and Senate candidates across the country.

In the Ohio Senate race, for example, the organization gives Democratic incumbent Sen. Sherrod Brown, who chairs the banking committee, an “F” grade, versus an “A” grade for his Republican rival Bernie Moreno, a blockchain entrepreneur. Some $40 million of crypto money has been directed at defeating Brown, and one PAC has paid for five ads designed to boost awareness of Moreno. The race is very close and is crucial in determining which party will control the Senate.

Stand with Crypto, which has enrolled 1.4 million advocates across the country, is also working to mobilize digital asset owners living in swing states. This effort involved a cross-country bus tour through battlegrounds focused on getting these residents registered to vote.

Crypto climbs and bitcoin nears all-time high ahead of U.S. election

“It’s really extraordinary, given how razor-thin the margin of victory was in the 2020 election, to see crypto not only be an issue, but potentially a determinative issue in terms of the presidential cycle,” Faryar Shirzad, Coinbase’s chief policy officer, said in an interview.

Shirzad said that last year, he and his team concluded that the only way to get politics out of crypto was “to build our own political operation.” He said the goal is to “neutralization the politicization of the crypto issue and talk about it on the merits.”

Coinbase is far from alone. Nearly half of all corporate money raised this election comes from crypto firms.

Fairshake, one of the top spending PACs this cycle, told CNBC it’s raised around $170 million this election and disbursed approximately $135 million.

Ripple Labs is another one of Fairshake’s top political donors.

The company, which has spent more than $100 million battling Gensler, has given around $50 million to Fairshake. Several executives have also contributed to a mix of Democratic and Republican candidates in races across the country.

Ripple’s head of U.S. public policy, Lauren Belive, told CNBC at a fintech conference in Las Vegas that the company was motivated by the SEC’s overreach.

“We really wanted to put people into office that could learn about this technology and understand this technology, because we need Congress to act and to create federal statutes and not have this enforcement regime,” said Belive. She added the regulator has issued over 100 enforcement actions against crypto-aligned companies.

Crypto donor Chris Larsen on why he's giving millions to the Harris campaign

The crypto voter

Stand with Crypto’s bus tour culminated in a rally held at The Black Cat in Washington on a Wednesday night in September.

The popular music venue has no windows and gives off an “Alice in Wonderland” vibe, with its mix of purple-painted walls and exposed brick, along with its black-and-white checkered floor.

As music blared and drinks flowed, free “Stand with Crypto” merch was being handed out to attendees. Surplus goodie bags were generously doled out to those looking to take extras back home.

Armstrong slipped out of his black SUV to speak to CNBC just outside the venue. He donned a suit and tie, a stark contrast to his fellow attendees. Armstrong said he was confident about the upcoming election.

“The crypto voter has become a major part of this election now,” Armstrong said. “I think the crypto voter is really real, and we’ll see what happens in November.”

In addition to Armstrong, Consensys CEO Joe Lubin, and Rep. Wiley Nickel (D-N.C.) spoke at the rally. Most remarks were inaudible over the roaring buzz of the crowd.

A hush fell over the audience when the headline act, The Chainsmokers, took the stage. The band started with its 2017 classic “Paris,” and the crowd chimed in at the chorus: “If we go down, then we go down together.”

WATCH: Bitcoin slumps to $67,000 level on eve of U.S. election: CNBC Crypto World

Environment

Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

Published

1 hour ago

January 10, 2025

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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BYD’s new Han L EV just leaked in China and it’s a monster

Published

1 hour ago

January 10, 2025

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BYD's new Han L EV just leaked in China and it's a monster

The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.

What we know about the BYD Han L EV so far

We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.

BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.

The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.

BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.

To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).

BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.

At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).

Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.

Source: CnEVPost, China MIIT

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Tenways’ new chain-drive CGO600 Pro e-bike returns to $1,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

Published

3 hours ago

January 10, 2025

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Tenways' new chain-drive CGO600 Pro e-bike returns to ,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

Today’s Green Deals are closing out the week by headlining Tenways’ new 8-speed CGO600 Pro e-bike that is getting $118 in free gear while down at its $1,399 low during the brand’s New Year sale, with the other models seeing similar offers. We also have New Year savings from ALLPOWERS across a collection of power stations and bundle packages, with bonus gifts and extra 10% off promotions – all starting from $89. For folks struggling to enjoy shower time, Camplux’s 18kW and 27kW Electric Tankless Water Heaters sitting at their lowest rates from $240 for the time being. We also spotted a further drop in price on Anker’s SOLIX C200 DC 60,000mAh Power Bank Station to its all-time low of $100 too. Plus, all the other hangover Green Deals can be found in the links at the bottom of the page, like yesterday’s phase 2 of EcoFlow’s New Year sale, the $1,000 in savings on LG’s all-in-one washer/dryer combo, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways returns new 8-speed CGO600 Pro e-bike with free gear to $1,399 low in New Year sale ($500 off)

Tenways is wishing folks a happy 2025 by launching a New Year flash sale that is bringing back some Black Friday pricing while the month is still fresh, complete with price cuts and extra savings in promo code form. The most notable model benefitting from this sale is the new CGO600 Pro 8-speed chain-drive e-bike for $1,399 shipped, after using the promo code HAPPY2025TW at checkout to save the extra $200. This new model was released back in October carrying a $1,899 price tag, which cut down costs in the brand’s Black Friday and Christmas sales – first to the $1,399 low, next to $1,599. That same low price is returning again today for the second time, saving you $500. Tenways’ more veteran belt-drive CGO600 Pro e-bike is also down at $1,399 shipped, after using the promo code, its second-lowest rate sitting $100 above its Black Friday low. There are also extra savings for medical providers, military members, first responders, and teachers, with verification slashing an additional $150 off your purchase.

Ideal for folks who enjoy active cycling but also want the option for electric support, Tenways’ CGO600 Pro e-bike weighs in at just 37 pounds, making it very manageable in urban environments. You won’t find any throttle on this model, as the cut-down weight partly comes from the smaller 350W rear hub motor and 360Wh battery, which still provide significant support via four PAS levels (activated with a torque sensor) that cover your efforts for up to 53 miles on one charge, topping out at 20 MPH speeds.

As stated before, Tenways offers two drivetrain options for the CGO600 Pro e-bikes – either the Gates carbon belt drive for quieter operations or the new 8-speed Shimano drivetrain (which also gets the brand’s newest motor too). Aside from those big differences, you’ll enjoy the same features elsewhere on the bikes, with internally routed cables for a streamlined look, LED lighting, puncture-proof tires, Tektro dual-piston hydraulic brakes, and a compact OLED display for controls. You’ll also be getting $118 in free gear in the form of lightweight mudguards and a kickstand.

***Note: The prices below have had the additional $200 promo code factored in – but be sure to use it (HAPPY2025TW) at checkout to maximize savings!

Tenways New Year flash sale e-bike discounts:

CGO800S Step-Thru Commuter e-bike: $1,599 (Reg. $1,999)
- 20 MPH for up to 53 miles
- Turn-signaling and color display
- comes with $227 in free gear
AGO X Step-Over Urban e-bike: $1,799 (Reg. $2,499)
- 20 MPH for up to 62 miles
- Shimano 10-speed drivetrain
- comes with $307 in free gear
AGO T Step-Thru Premium e-bike: $2,499 (Reg. $2,699)
- 20 MPH for up to 62 miles
- Enviolo stepless shifting hub
- comes with $178 in free gear

ALLPOWERS is helping folks prep for the rest of the year with its New Year sale through January 26 that is taking up to 48% off its backup power units, with orders also getting an additional 10% struck from the price thanks to the promo code AF2025 being used at checkout, as well as some bonus gifts. One of the brand’s best-selling solar generator packages, the R2500 Portable Power Station paired with a 200W solar panel has been dropped to $1,043.10 shipped, after using the promo code AF2025 at checkout for the additional 10% in savings. This combination would normally cost you $1,599 at full price, with this sale dropping it lower than we’ve ever seen direct from ALLPOWERS. While we have seen it go lower at third-party dealers over on Amazon, this is still a solid $556 in savings, dropping it amongst the lowest tracked rates there.

As we’ve seen with similar sales, aside from the 10% off promo code for your total order, ALLPOWERS is also giving away free gifts at certain thresholds while its New Year sale continues. You’ll receive a free 100W solar panel on orders over $1,800 or a free 200W solar panel on orders over $2,800.

Ready to cover your trips out of the home or even support appliances through blackouts, ALLPOWERS’ R2500 power station offers a 2,016Wh LiFePO4 capacity housed within a streamlined formfactor. It’s capable of power output up to 2,500W regularly through its 14 port options, able to peak up to 4,000W for larger appliance needs. There are four ways to recharge the unit’s own battery, with an AC wall outlet taking 1.3 hours to refill its capacity, or you can solar charge in 2 hours with its maximum 1,000W solar input connected. That timeframe can be cut down further to just one hour if you take advantage of its dual AC and solar capabilities, or you can hook it up to your car when you’re in a bind to fill it by the other means.

***Note: The additional 10% in savings has not been factored into the prices below, as the discount takes the percentage off your cart’s entire order – don’t forget to use the code AF2025 for the best prices!

ALLPOWERS best-selling New Year sale bundles:

ALLPOWERS best New Year sale power bank/station deals:

ALLPOWERS best New Year sale expansion power deals:

ALLPOWERS best New Year sale solar generator bundles:

ALLPOWERS New Year sale add-on deals:

Keep it steamy with Camplux’s 18kW and 27kW electric tankless water heaters at lowest prices from $240

Through its official Amazon storefront, Camplux is offering its 18kW Electric Tankless Water Heater at $239.99 shipped. This unit would normally cost you $350 at full price, with discounts often keeping prices above $280, aside from the one previous drop to the $240 low at the end of summer. Today’s deal is cutting $110 off the going rate, giving you a second chance at the lowest price we have tracked.

Nothing beats a nice hot shower, especially in the middle of winter. Camplux’s 18kW unit not only ensures things stay steamy, but its compact form factor ensures far less space is taken up compared to traditional water heaters. Once installed, according to Camplux, you won’t have to “wait more than 3 seconds to get plenty of hot water,” with the fast-heating low-consumption heating rods boasting “efficiency up to 99.8% and saving 60% water heating costs for your home.” There are plenty of safety protections built right in, like against overheating, anti-dry heating, water-electricity separation, and more. Do keep in mind though that it requires a minimum 0.66GPM water flow to activate, as well as two double-pole 40A breakers, a wire gauge of 2 x 8 AWG, and a 3/4-inch NPT connection.

Of course, depending on your home’s size and the number of people expected to use the shower, or even how many water sources will be supplied from the unit, you may want to consider something bigger. Right now, you can instead grab the Camplux 27kW model down at a new low of $259.99, a drop from its usual $450. Not only does it promise round the clock hot water delivery, but it’s also rated for multiple points of use over small models.

Anker’s new SOLIX C200 DC 60,000mAh power bank station falls to $100 low

Anker’s official Amazon storefront is offering a return to the best rate on its latest SOLIX C200 DC 60,000mAh Power Bank Station going for $99.99 shipped. Normally this newer model would run you $170 at its full rate, which has seen a few discounts since releasing a few months ago, the biggest of which saw a drop to the $100 low with Cyber Monday savings. With this deal coming in today, you’re getting another shot at its Cyber Monday pricing, saving you $70 as it returns to the lowest price we have tracked. It even beats out Anker’s direct website right now, where it is priced at $110.

Anker’s SOLIX C200 DC power bank station is a smaller and more compact version of the brand’s new C300 DC and AC models, coming in with a slightly smaller 60,000mAh/192Wh LiFePO4 capacity. It delivers up to 300W of output power to your devices through its five port options (two USB-As, one 140W USB-C, one 15W USB-C, one car port). You can refill the units own battery via three ways, with its 140W USB-C port giving you an 80% charge in 1.3 hours through a wall outlet, or you can utilize up to 100W of solar input or the car port for 80% in 1.6 hours.

You’ll also find the larger 90,000mAh C300 DC and C300 AC models matching their direct Anker discounts at Amazon for $180 and $200 at the moment. Not only are you getting the expanded 90,000mAh LiFePO4 capacity here, but they also come sporting different variations of built-in lights for camping trips. You can get the full rundown on its other capabilities in our launch coverage here.

Best New Year e-bike deals!

MOD Easy SideCar Sahara: $3,499 (Reg. $3,899)
Segway Xyber e-bike (new model preorder): $2,800 (Reg. $3,000)
Segway Xafari e-bike (new model preorder): $2,200 (Reg. $2,400)
MOD Easy 3 e-bike: $2,199 (Reg. $2,399)
RadRunner 3 Plus Utility e-bike with extra battery: $2,199 ($2,698)
Lectric XPedition 2.0 35Ah Cargo e-bike w/ $654 in free gear (new): $1,999 (Reg. $2,653)
MOD City+ Step-Thru 3 Folding e-bike: $1,799 (Reg. $1,999)
MOD Berlin Step-Thru 3 e-bike: $1,799 (Reg. $1,999)
Lectric XPedition 2.0 26Ah Cargo e-bike w/ $505 in free gear (new): $1,699 (Reg. $2,204)
Lectric XPeak 2.0 Long-Range e-bike w/ $365 in free gear (new): $1,599 (Reg. $1,964)
Aventon Pace 500.3 Step-Over e-bike with free extra battery: $1,599 (Reg. $1,799)
Aventon Pace 500.3 Step-Through e-bike with free extra battery: $1,599 (Reg. $1,799)
Rad Power RadExpand 5 Folding e-bike with extra battery: $1,599 (Reg. $2,098)
Lectric XP Trike with $419 in free gear: $1,499 (Reg. $1,918)
Rad Power RadRover 6 Plus Step-Thru Fat-Tire e-bike: $1,399 (Reg. $1,599)
Lectric XPeak 2.0 Standard e-bike with $316 in free gear (new): $1,399 (Reg. $1,715)
Lectric XPeak 1.0 Step-Thru e-bike with $727 in free gear (extra battery): $1,399 (Reg. $2,126)
Lectric XPedition 2.0 13Ah Cargo e-bike with $326 in free gear (new): $1,399 (Reg. $1,725)
Velotric Nomad 1 Plus e-bike: $1,399 (Reg. $1,799)
Tenways CGO600 Pro e-bikes with $118 in free gear (code HAPPY2025TW): $1,399 (Reg. $1,899)
Velotric T1 ST Plus e-bike: $1,299 (Reg. $1,549)
Lectric XPress 750 High-Step with $128 in free gear: $1,299 (Reg. $1,427)
Lectric XP 3.0 Long-Range e-bikes with $117 in free gear: $1,199 (Reg. $1,316)
Velotric 2024 Discover 1 Plus Commuter e-bike: $1,199 (Reg. $1,599)
Lectric XP 3.0 e-bikes with $117 in free gear: $999 (Reg. $1,116)
Aventon Soltera.2 Urban Commuter e-bike: $999 (Reg. $1,199)
Heybike Mars 2.0 Folding Fat-Tire e-bike with free gear: $999 (Reg. $1,499)
Vanpowers UrbanGlide-Ultra Commuter e-bike (code 9TO5BIKE10): $1,034 (Reg. $2,499)
Vanpowers UrbanGlide-Pro Commuter e-bike (code 9TO5BIKE10): $809 (Reg. $1,899)
Vanpowers UrbanGlide-Standard Commuter e-bike (code 9TO5BIKE10): $674 (Reg. $1,099)
Vanpowers City Vanture e-bike (code 9TO5BIKE10): $629 (Reg. $1,699)

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.