Global renewable developer and energy giant RWE has halted its US offshore wind operations “for the time being” because of the “political environment” the Trump administration has created.

RWE, Germany’s biggest electricity producer, said in March that it had dialed back its US offshore wind activities. But now, CEO Marcus Krebber said in a speech transcript, which he’ll deliver at the company’s Annual General Meeting in Essen on April 30, that its US offshore wind business is now closed (but it wasn’t all bad news): 

In the US, where we have stopped our offshore activities for the time being, our business in onshore wind, solar energy, and battery storage has so far been developing very dynamically. At the start of this year, we reached an important milestone when our US generation capacity hit the 10 gigawatt mark. The construction of a further 4 gigawatts is secured.

He went on to say that renewables have created regional value and jobs, but that the company remains “cautious given the political developments.” RWE has introduced more stringent requirements for future US investments:

All necessary federal permits must be in place. Tax credits must be safe harbored and all relevant tariff risks mitigated. In addition, onshore wind and solar projects must have secured offtake at the time of the investment decision. Only if these conditions are met will further investments be possible, given the political environment.

About half of RWE’s installed renewable capacity is in the US, where it’s the third-largest renewable energy company through its subsidiary, RWE Clean Energy. RWE holds the rights to develop US offshore wind projects in New York, Louisiana, and California.

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RWE paid $1.1 billion for the New York lease area in 2022, where it’s meant to develop the 3 gigawatt (GW) Community Offshore Wind with the UK’s National Grid. Community Offshore Wind was projected to come online in the early 2030s and expected to power more than a million homes.

The developer paid $5.6 billion for the Louisiana lease in the Gulf of Mexico in 2023 as the lone bidder for development rights, and the Canopy Offshore Wind project off Northern California was not expected to be completed for another decade.

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

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WASHINGTON – President Donald Trump and his allies have raked in nearly $900,000 in trading fees over the past two days from the president’s $TRUMP cryptocurrency token, according to Chainalysis, a blockchain data company. 

The surge came after a Wednesday announcement in which the top 220 holders of the token were promised dinner with the president.

“Have Dinner in Washington, D.C. With President Trump,” reads a message on the front page of the Trump coin’s website. The event, which is black tie optional and hosted at the president’s private club in the Washington area, is scheduled for May 22, with a reception for the top 25 holders. A “VIP White House Tour” will take place the following day, the site says. The website also hosts an active leaderboard displaying the usernames of top buyers.

The $TRUMP memecoin jumped more than 50% on the dinner news, boosting its total market value to $2.7 billion. It was met with fierce criticism from some of Trump’s political opponents who said the move was further evidence that the president was using crypto to enrich himself. Sen. Chris Murphy, D-Conn., a prominent Trump critic, wrote on X that the sale was “the most brazenly corrupt thing a President has ever done. Not close.”

Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website. Since its launch in January, trading activity has generated about $324.5 million in trading fees for insiders, Chainalysis found. These fees are generated through the token’s built-in mechanism that routes a percentage of each trade to wallets controlled by the project — wallets that, according to the website, are linked to the coin’s creators.

Memecoins, often referred to as meme tokens, are a subset of digital assets that use blockchain technology and derive their value largely from internet culture, memes and social media hype rather than from an underlying utility or asset. The originators of memecoins can make fees when their coins are bought and sold.

They have grown in popularity in recent years as speculative assets, with some coins including dogecoin and fartcoin amassing total market values in excess of $1 billion.

Most of the $TRUMP supply remains locked under a three-year vesting plan, with coins gradually becoming available over time. Lockups like these are meant to protect investors by preventing insiders from cashing out all at once — a scheme commonly known in the crypto world as a “rug pull.” Vesting schedules aim to give retail buyers confidence that early holders won’t overwhelm the market and tank the token’s value.

Still, the dinner contest is being viewed by critics as an unusually explicit attempt to monetize presidential access. 

As CNBC reported Friday, Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts are urging the U.S. Office of Government Ethics to investigate whether the promotion constitutes “pay to play” corruption.

The White House did not respond to a request for comment. The company behind the memecoin also did not respond to a request for comment.

Delaney Marsco, the director of ethics at the Campaign Legal Center, a nonprofit focused on campaign finance and government accountability, told NBC News the coin and dinner contest amounted to an unprecedented ethics breach — though it is unlikely to be illegal.

“Criminal conflicts of interest statutes don’t apply to the President,” she said. “That has allowed him to go against decades of of norms that every modern president since Carter has adhered to, which is to divest your financial interests, rid yourself of your businesses, and kind of go in to the presidency with a clean financial slate so that no one could accuse you of manipulating policy decisions or using your position in order to enrich yourself.” 

“The fact that he is not barred by the law from having these financial interests like this meme coin allows him to engage in a lot of seemingly corrupt activity. It has the appearance of a pay to play, so the President is apparently selling access to himself,” Marsco added.

Molly White, an independent crypto researcher, told NBC News that the leaderboard only shows top $TRUMP holders — and then only by their chosen screen name, making it difficult to identify who is paying to potentially join the dinner.

Schiff and Warren have cited public reports showing that some $TRUMP investors have ties to foreign exchanges or received funds from crypto platforms banned in the U.S., including Binance.

White also noted that at least one top $TRUMP owner has an account on Binance, a cryptocurrency company that doesn’t allow American users.

Trump was elected with significant help from the cryptocurrency industry, which poured tens of millions of dollars into the 2024 election, outpacing corporate donations from traditional sectors like banking and oil. After opposing digital assets during his first term, Trump pivoted in 2024 to campaign as a champion of cryptocurrency, casting Democrats as hostile to innovation and as advocating for tighter regulation. 

The $TRUMP token itself offers no product or service, according to the project’s website. It is part of a broader push by the Trump family into digital assets, despite the market’s volatility and regulatory risks.

In addition to the $TRUMP and $MELANIA meme coins, the family is backing World Liberty Financial, a decentralized finance venture that has raised $550 million across two token sales since last October. Buyers are barred from reselling their tokens and receive no share of profits — but a Trump-affiliated entity is entitled to 75% of net revenue, including token sale proceeds.

Together, these projects have created new streams of revenue for Trump and his inner circle at a time when regulatory oversight of cryptocurrency has weakened sharply under his administration.