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FRANCE – 2025/01/20: In this photo illustration, Trump Meme , Trump the Crypto president, is seen displayed on a smartphone screen. (Photo Illustration by Romain Doucelin/SOPA Images/LightRocket via Getty Images)

Romain Doucelin | Getty Images

Crypto executives, companies and investors are getting an early return on their investment in Donald Trump.

After pouring tens of millions of dollars into Trump’s 2024 campaign for president, the crypto industry has been paid back handsomely during his first week in the White House.

“I don’t think they could have imagined a better outcome than they just got in the past 48 hours,” Benchmark’s Bill Gurley, known for an early bet on Uber, told CNBC’s “Closing Bell” on Friday. Gurley said that while tech’s newfound influence in Washington may be harmful to some parts of the startup world, “it’s obviously good for crypto.”

The industry’s support for Trump was built on the Republican leader’s promise to stop the government’s crackdown on crypto and implement regulations favorable to those who wanted to develop new types of payment technologies while easing restrictions on investments in cryptocurrencies.

Industry heavyweights like Coinbase CEO Brian Armstrong and Binance CEO Richard Teng are lauding the start of a new era.

“You have to remember, the last four years, we really felt like we were being attacked by this administration,” Armstrong told CNBC at the annual World Economic Forum in Davos, Switzerland. Armstrong criticized the Biden White House for trying to “weaponize the lack of clarity in the rules,” punishing even the companies that were trying to be helpful.

“There were some bad actors too, to be fair,” Armstrong said. “But they even really tried to go after the good actors, I think, like us.” Coinbase was one of the leading corporate donors in the 2024 election cycle.

Bitcoin hit a record high of around $109,000 on Monday and hovered near $105,000 by the end of the week. It’s up more than 50% since Trump’s election victory in early November.

Trump’s crypto executive order

U.S. President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on Jan. 23, 2025.

Kevin Lamarque | Reuters

The 48-hour stretch referenced by Gurley included an executive order signed by Trump on Thursday to promote digital asset adoption in the U.S.

Trump called on members of Treasury, the SEC and the Commodity Futures Trading Commission to join forces in a working group to evaluate the potential of stockpiling cryptocurrencies seized by the government.

The order outlined other key priorities, such as protecting bitcoin miners and software developers from what the president called “persecution,” and promoting U.S. dollar-pegged stablecoins, while banning a digital dollar from the Federal Reserve.

Venture capitalist David Sacks, who Trump tapped to be the White House AI and crypto czar, joined the president in the Oval Office for the signing of the order.

Later on Thursday, the SEC made a landmark announcement, withdrawing an accounting rule that made institutional crypto adoption more difficult by forcing banks to treat bitcoin and other tokens as a liability on their balance sheet.

The rule, known as SAB 121, was introduced in 2022 and subjected digital assets to strict capital requirements. It also raised the financial and regulatory risks of offering crypto custody services and boosted operational costs for financial institutions.

Efforts to overturn SAB 121 gained bipartisan support in Congress last year. But then-President Biden vetoed the proposed legislation, leaving the rule intact, further discouraging banks from adopting digital assets beyond derivatives trading and offering exchange-traded funds to wealth management clients.

The move was celebrated by SEC Commissioner Hester Peirce, who on Tuesday was tapped to lead a new “crypto task force” within the agency.

“Bye, bye SAB 121! It’s not been fun,” she wrote in a post on X.

Before the SEC’s announcement, Goldman Sachs CEO David Solomon told CNBC in Davos that from a regulatory perspective, the bank couldn’t own bitcoin and that it would revisit the issue if the rules changed. The CEOs of Morgan Stanley and Bank of America also said that President Trump’s pro-crypto tone could reshape their plans and potentially lead to expanded digital offerings.

Days earlier, Gary Gensler stepped down from his role as SEC chair. Gensler, who emerged as an adversary to the crypto industry, had defended the rule as necessary to protect investors in the event of crypto firm bankruptcies. Trump’s pick to succeed Gensler is former SEC Commissioner Paul Atkins, who is currently CEO at Patomak Global Partners.

Silk Road founder gets out of prison

Ross Ulbricht, the creator of the website Silk Road, appears in an undated photograph made from his computer and presented as an exhibit during his 2015 criminal trial in New York federal court. 

SDNY | Via Reuters

Trump’s first big nod to the crypto industry as president came earlier in the week and took a very different form.

On Tuesday, his second day in office, Trump granted a full pardon to Ross Ulbricht, the founder of Silk Road. Ulbricht, 40, had been serving a life sentence without the possibility of parole since 2015, after he was convicted in federal court on seven charges that included distributing narcotics and conspiring to commit computer hacking.

Silk Road operated from 2011 to 2013, serving as a dark web marketplace where users bought and sold a mix of contraband, including illegal narcotics like heroin. The platform facilitated more than $200 million in sales, according to federal prosecutors, and was tied to the death of at least six people.

At its peak, Silk Road functioned as a global drug bazaar, with transactions conducted largely in bitcoin, making it one of the earliest large-scale applications of a cryptocurrency. Prosecutors later argued that the anonymity afforded by bitcoin was instrumental in letting Silk Road vendors mask their identities.

Ulbricht had become a cult hero of sorts in the crypto community, and the “Free Ross” movement had gained resonance among conservative media personalities and politicians.

“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” Trump wrote in a post on Truth Social on Tuesday.

Changpeng Zhao, the billionaire co-founder and former CEO of Binance, commented on X with a clapping emoji after the pardon was announced. Zhao was sentenced to four months in prison in April, after pleading guilty to charges of enabling money laundering at his crypto exchange.

The Trump meme coins

Hakan Nural | Getty Images

Not all of Trump’s actions in the past week have been universally praised by the crypto industry.

Most notably, the president has been frolicking in a part of the market that’s notorious for scams. Last weekend, while crypto leaders and members of Trump’s family and inner circle were partying at the Crypto Ball in Washington, the $TRUMP meme coin was taking off online.

Then came the $MELANIA coin. Taken together, the Trump family made billions of dollars on paper due to their ownership of assets created out of thin air. Crypto enthusiasts worry that it’s a troubling sign of Trump’s real intent and is damaging to the credibility of an industry that’s trying to prove its legitimacy.

“Call me old fashioned but I think presidents should focus on running the country and not launching scam tokens,” wrote Nic Carter of Castle Island Ventures, in a post on X.

The website for $TRUMP says 80% of the supply is held by the Trump Organization and affiliates.

Lawmakers also have objections.

Sen. Elizabeth Warren and Rep. Jake Auchincloss, both Massachusetts Democrats, raised issues regarding the first couple using their positions for enrichment, along with the potential for “rug-pull” scams.

“We write with deep concern about the decision by President Trump and First Lady Melania Trump to launch two meme coins, $TRUMP and $MELANIA, that allow them to earn extraordinary profits off his Presidency,” the pair said in a letter obtained by CNBC.com. “These coins do not create new faster, cheaper, and safer payments rails. These coins do not help people borrow more affordably. They do not improve the financial system in any way for consumers.”

$TRUMP is now trading at under $30, down more than 50% from its peak shortly after launch. The $MELANIA token has plunged more than 80% from its high, and is currently trading below $2.50.

The meme coins are subject to a multi-year vesting schedule, ensuring that the majority of tokens cannot be liquidated all at once. Without selling any tokens, former Coinbase executive and crypto analyst Conor Grogan estimates that the Trump team still generated $58 million in trading fees on the first day.

Trump's crypto executive order paves the way for a digital asset stockpile

Skepticism isn’t limited to the meme coins.

In Trump’s executive order on Thursday, the president fell short of directing the U.S. to start buying bitcoin directly and holding it as a reserve.

Ahead of the order, Binance CEO Richard Teng told CNBC in Davos that he anticipated the U.S. would establish a strategic bitcoin reserve. Circle CEO Jeremy Allaire called it “prudent” for central banks to hold reserves in bitcoin.

Trump had floated the idea on the campaign trail, suggesting that a U.S. bitcoin reserve could be backed by crypto assets seized from hackers and fraud rings, a proposal that remains under consideration.

But in his 1,300-word executive order on Thursday, Trump didn’t just avoid calling for a bitcoin reserve. The word bitcoin was nowhere to be found.

CNBC’s Ryan Browne contributed to this report.

SEC Commissioner Peirce: The logic for why we haven't approved a bitcoin ETF has always mystified me

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Chevy Brightdrop finally gets a lease deal worth writing about

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Chevy Brightdrop finally gets a lease deal worth writing about

GM may have decided to pull the plug on the forward-looking Chevy Brightdrop electric van a few months ago, but don’t let that stop you, but don’t let that fool you. Right now might be the best time ever to get your hands on one.

SKIP THE STORY: jump right to the deals (trusted affiliate link).

It’s hard to overstate how good the deals on Chevy’s Brightdrop got while GM was still trying to build up demand for its fleet-focused van, and now that the company has decided to stop production, the deals have gotten even better, with a newly announced $699 lease for 39 mo. with $2,999 down through January 2nd — and that’s before you factor in an additional $3,000 discount reserved for Costco Executive Members!

Despite that, I’ve heard more than one fleet manager express hesitation at the thought of adding a discontinued product to their fleet, even if it is a killer discount. To them, I offer the following, model-agnostic rebuttal:

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Legacy brands support their products


GM-Envolve-electric
Fleet of FedEx BrightDrop 600 electric vans; via GM.

Companies like GM aren’t going anywhere soon, and neither are the customers they’ve spent millions of dollars acquiring over the past several decades. They’ll keep building parts and offering service and maintenance on vehicles like the Brightdrop for at least a decade — not least of which because they have to!

GM sells each Brightdrop with a minimum 8 year/100,000 mile warranty on the battery and other key components, which can be extended either through GM itself or through reputable third-party companies like Xcelerate Auto for seven more.

There are precious few large fleets out there looking at 15 year, 200-plus thousand mile vehicle replacement cycles. For those that are, however, all indications so far are that the vehicle’s battery health and general performance will still be well within usable limits.

So, yes: parts longevity and manufacturer support will be there (something I’d be less confident about with a startup like Rivian or Bollinger, for example), but there’s more.

Section 179 and local incentives


National construction company deploys its 100th Chevrolet Silverado EV
McKinstry’s 100th Silverado EV; via GM.

The One Big, Beautiful Bill Act (OBBBA) of 2025 gutted America’s energy independence goals and ensuring its auto industry would fall even further behind the Chinese in the EV race, but the loss of Section 45W wasn’t the only change written into the IRS’ rulebook. Section 179, an immediate expense reduction that business owners can take on depreciable equipment assets, has been made significantly more powerful for 2025.

The section 179 expense deduction is limited to such items as cars, office equipment, business machinery, and computers. This speedy deduction can provide substantial tax relief for business owners who are purchasing startup equipment.

INVESTOPEDIA

The revised Section 179 tax credit (or, more accurately, expense reduction) allows for a 100% deduction for equipment purchases has doubled to $2.5 million, with a phase-out kicking in at $4 million of capital investments that drops to zero at $6.5 million. That credit and can be applied to new and used vehicles, as well as charging infrastructure, battery energy storage systems, specialized tools, and more (as long as they’re new to you).

What’s more, with regional incentives like the up to $15,000 off a new medium-duty van available from Illinois utility ComEd, the net cost of GM’s $699 promo lease drops to ~$315/mo., and there is still state money out there, as well, depending on where you live.

All of which is to say: don’t let a little thing like GM discontinuing the Brightdrop convince you to skip it. If you do that, the bean counters that killed off the Buick Grand National, GMC Syclone, and Pontiac Fiero win.

SOURCE | IMAGES: GM Envolve.


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EIA: Solar + storage soar as fossil fuels stall through September 2025

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EIA: Solar + storage soar as fossil fuels stall through September 2025

US Energy Information Administration (EIA) data released on November 25 and reviewed by the SUN DAY Campaign reveal that, during the first nine months of 2025 and for the past year, solar and battery storage have dominated growth among competing energy sources, while fossil fuels and nuclear power have stagnated.

Solar set new records in September

EIA’s latest “Electric Power Monthly” report (with data through September 30, 2025), once again confirms that solar is the fastest-growing source of electricity in the US.

In September alone, electrical generation by utility-scale solar (>1 megawatt (MW)) ballooned by well over 36.1% compared to September 2024, while “estimated” small-scale (e.g., rooftop) solar PV increased by 12.7%. Combined, they grew by 29.9% and provided 9.7% of US electrical output during the month, up from 7.6% a year ago.

Moreover, generation from utility-scale solar thermal and photovoltaic systems expanded by 35.8%, while that from small-scale systems rose by 11.2% during the first nine months of 2025 compared to the same period in 2024. The combination of utility-scale and small-scale solar increased by 29.0% and produced a bit over 9.0% (utility-scale: 6.85%; small-scale: 2.16%) of total US electrical generation for January-September, up from 7.2% a year earlier.

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And for the third consecutive month, utility-scale solar generated more electricity than US wind farms: by 4% in July, 15% in August, and 9% in September. Including small-scale systems, solar has outproduced wind for five consecutive months and by over 40% in September.

Wind leads among renewables

Wind turbines across the US produced 9.8% of US electricity in the first nine months of 2025 – an increase of 1.3% compared to the same period a year earlier and 79% more than that produced by US hydropower plants.

During the first nine months of 2025, electrical generation from wind plus utility-scale and small-scale solar provided 18.8% of the US total, up from 17.1% during the first three quarters of 2024.

Wind and solar combined provided 15.1% more electricity than did coal during the first nine months of this year, and 9.8% more than the US’s nuclear power plants. In fact, as solar and wind expanded, nuclear-generated electricity dropped by 0.1%.

Renewables are now only second to natural gas

The mix of all renewables (wind, solar, hydropower, biomass, and geothermal) produced 8.7% more electricity in January-September than they did a year ago, providing 25.6% of total US electricity production compared to 24.2% 12 months earlier.

Renewables’ share of electrical generation is now second to only that of natural gas, which saw a 3.8% drop in electrical output during the first nine months of 2025.  

Solar + storage have dominated 2025

Between October 1, 2024, and September 30, 2025, utility-scale solar capacity grew by 31,619.5 MW, while an additional 5,923.5 MW was provided by small-scale solar. EIA foresees continued strong solar growth, with an additional 35,210.9 MW of utility–scale solar capacity being added in the next 12 months.

Strong growth was also experienced by battery storage, which grew by 59.4% during the past year, adding 13,808.9 MW of new capacity. EIA also notes that planned battery capacity additions over the next year total 22,052.9 MW.

Wind also made a strong showing during the past 12 months, adding 4,843.2 MW, while planned capacity additions over the next year total 9,630.0 MW (onshore) plus 800.0 MW (offshore).

On the other hand, natural gas capacity increased by only 3,417.1 MW and nuclear power added 46.0 MW. Meanwhile, coal capacity plummeted by 3,926.1 MW and petroleum-based capacity fell by an additional 606.6 MW.

Thus, during the past year, renewable energy capacity, including battery storage, small-scale solar, hydropower, geothermal, and biomass, ballooned by 56,019.7 MW while that of all fossil fuels and nuclear power combined actually declined by 1,095.2 MW.

The EIA expects this trend to continue and accelerate over the next 12 months. Utility-scale renewables plus battery storage are projected to increase by 67,806.1 MW (a forecast for small-scale solar is not provided). Meanwhile, natural gas capacity is expected to increase by only 3,835.8 MW, while coal capacity is projected to decrease by 5,857.0 MW, and oil capacity is anticipated to decrease by 5.8 MW. EIA does not project any new growth for nuclear power in the coming year.

SUN DAY Campaign’s executive director Ken Bossong said:

The Trump Administration’s efforts to jump-start nuclear power and fossil fuels are not succeeding. Capacity additions from solar, wind, and battery storage continue to dramatically outpace those from gas, coal, and nuclear, and by growing margins.

Read more: EIA: Solar + storage dominate, fossil fuels stagnate to August 2025


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Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad

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Toyota’s $15,000 electric SUV is a hit in China

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Toyota's ,000 electric SUV is a hit in China

The bZ3X is off to a strong start as Toyota’s most affordable electric SUV, starting at around $15,000 in China.

The bZ3X is a $15,000 Toyota electric SUV in China

Toyota’s joint venture, GAC Toyota, launched the bZ3X in China this March, an affordable, compact electric SUV aimed at young families.

The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV,” starting at just 109,800 yuan, or roughly $15,000.

By May, the electric SUV was the best-selling foreign-owned EV in China, beating out the Volkswagen ID.3, Nissan N7, BMW i3, and Volkswagen ID.4 CROZZ.

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According to the latest update, the bZ3X remains a hot seller. GAC Toyota announced that bZ3X sales exceeded 10,000 units for two consecutive months, with 10,010 units sold in November. Cumulative deliveries have now surpassed 62,000 units.

GAC Toyota recently put the electric SUV through rigorous testing on a winter road trip across China, “showcasing its impressive capabilities as a 100,000-yuan-class pure electric vehicle.”

Measuring 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, the bZ3X is about the same size as BYD’s popular Yuan Plus (sold as the Atto 3 overseas).

Inside, the electric SUV is a major upgrade over the Toyota vehicles we’re accustomed to, with advanced ADAS features, smart storage, and large digital screens.

The bZ3X is available in seven different trims in China, two of which include a LiDAR. Upgrading to the LiDAR version costs 149,800 yuan ($20,500).

Toyota’s electric SUV is available with 50.04 kWh and 67.92 kWh battery pack options, providing a CLTC range of 430 km (267 miles) and 610 km (379 miles), respectively.

Less than two weeks ago, GAC Toyota launched pre-sales for the bZ7, a new flagship electric sedan. According to Toyota, the new flagship EV “possesses a higher level of intelligence than any of Toyota’s offerings in global markets,” as the automaker fights to regain market share in China’s fierce auto market.

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