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Democrats turned up the pressure on President Donald Trump‘s cryptocurrency ventures this week and the fortune that he and his family are making off the efforts as a vote rolls forward on a key crypto bill.

Thursday’s vote on the GENIUS ACT, a bill to establish federal rules for stablecoins, will be a test of how far the crypto lobby‘s influence goes after it heavily backed Trump’s 2024 presidential campaign.

Even with limited power, Democrats are calling for probes into Trump-connected coins and backers, seeking financial records and blocking legislation.

On Capitol Hill Tuesday morning, California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, walked out of a hearing on digital asset allocation flanked by fellow Democrats, effectively shutting it down.

That same morning, Sen. Richard Blumenthal, D-Conn., sent letters announcing an initial inquiry into the Trump family’s expanding crypto empire, calling the Trump meme coin dinner contest a “pay-for-play scheme.”

Blumenthal, the ranking member of the Senate’s Permanent Subcommittee on Investigations, demanded records from Fight Fight Fight LLC. — the company behind the $TRUMP meme coin — and World Liberty Financial, a family-run crypto venture that recently announced plans to launch a stablecoin.

He called for documentation on ownership, revenue flows, and all communications with the White House, citing what he described as “unprecedented conflicts of interest and national security risks.”

Last month, the project ran a promotion offering top $TRUMP holders a dinner with the president and a “VIP White House tour,” a promise that sent the token’s price soaring after weeks of decline.

“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal wrote.

Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website.

One of Blumenthal’s letters was addressed to Bill Zanker, the entrepreneur behind Fight Fight Fight, which controls a large portion of the $TRUMP token supply.

With the White House and both chambers of Congress controlled by Republicans, Democrats have little ability to push a legislative agenda or to lead investigations into potential malfeasance. But they’re betting that a coordinated effort to call out what they view as corruption in a formerly niche corner of the financial markets will resonate with a voter base that’s already souring on the president’s economic policies.

Top House Democrat Maxine Waters blocks crypto legislation hearing: CNBC Crypto World

The White House responded to Blumenthal’s inquiry with a short statement from Deputy Press Secretary Anna Kelly to CNBC’s “Crypto World.”

“President Trump’s assets are in a trust managed by his children. There are no conflicts of interest,” she wrote.

Waters on Tuesday convened a Democrat-only session focused squarely on Trump’s meme coin and World Liberty Financial. Her decision to derail the primary hearing came after Rep. French Hill, R-Ark., chair of the House Financial Services Committee, rejected her request to include provisions in the Digital Asset Market Structure Bill aimed at blocking Trump from further profiting off digital assets while in office.

“I object to this joint hearing because of the corruption of the president of the United States — and his ownership of crypto and his oversight of all the agencies,” Waters said.

Kelly responded to Waters, saying that Trump was working to make America the “crypto capital of the world.”

‘Cultivate influence’

Waters introduced a discussion draft that would ban the president and members of Congress from owning crypto assets or financially benefiting from them.

In the Senate, Democrats on Tuesday unveiled the “End Crypto Corruption Act,” spearheaded by Sens. Jeff Merkley of Oregon and Chuck Schumer of New York, meant to prohibit elected officials and senior executive branch personnel and their families from issuing or endorsing digital assets.

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley said. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”

“Our democracy shouldn’t be for sale,” said Schumer, the Senate minority leader.

The bill has already garnered backing from key Senate Democrats and endorsements from watchdog groups including Public Citizen and Democracy Defenders Action.

Merkley and Sen. Elizabeth Warren of Massachusetts sent a letter this week to the Office of Government Ethics, demanding an urgent review of a reported deal between World Liberty Financial, crypto exchange Binance and a UAE state-backed fund called MGX. The senators warned that the deal could represent a “staggering conflict of interest,” violate federal bribery laws and raise national security concerns.

Abu Dhabi-based MGX is using the Trump stablecoin for a $2 billion investment in Binance, Reuters reported.

Warren also sent a letter to the OGE questioning a White House waiver granted to David Sacks, the White House AI and crypto czar.

Sacks, a venture capitalist who co-hosted a $1.5 million-a-head fundraiser this week for a Trump-aligned super PAC, reportedly splits his time between advising the president on crypto policy and running a firm with active investments in the digital asset space.

Under federal ethics law, such financial entanglements would typically bar him from shaping policy in the same sector.

Read more about tech and crypto from CNBC Pro

But the Trump administration issued an ethics waiver asserting that Sacks’ holdings were “not so substantial” as to compromise his judgment — a claim Warren called unverifiable. In her letter, Warren demanded clarity from the OGE on whether it reviewed the waiver and whether Sacks still holds crypto-related financial interests that pose a conflict of interest.

Sacks said he 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 in March.

Legislation is becoming harder

Chris Dixon, General Partner at Andreessen Horowitz, discusses cryptocurrency during the TechCrunch Disrupt forum in San Francisco, October 2, 2019.

Kate Munsch | Reuters

The crypto industry is lobbying to push it forward.

“The GENIUS Act will protect consumers and increase transparency — a significant improvement on the status quo,” said Chris Dixon, managing partner in Andreessen Horowitz’s crypto practice, in a post on X. “Moving quickly on this and a market structure bill would provide long-overdue clarity for consumers and the industry so that we entrench dollar dominance and the U.S. remains the leader in blockchain technology.”

Stripe, which recently acquired stablecoin infrastructure startup Bridge Network for $1.1 billion, has also backed the bill. The company said as part of a press release on Tuesday that it “supports the development of a clear, consistent regulatory framework for stablecoins and welcomes the growing bipartisan interest in this issue.”

WATCH: Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

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Range Rover is giving the Velar EV a radical new style and a bunch of other upgrades

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Range Rover is giving the Velar EV a radical new style and a bunch of other upgrades

Range Rover will finally launch its first electric SUV later this year. In the meantime, the luxury brand has several new EV models in the pipeline, including a smaller (likely more affordable) Velar. The Range Rover Velar EV is coming soon with an upgraded design and much more.

Range Rover Velar EV will debut with a new design

Anticipation is building for Range Rover’s first fully electric SUV. Earlier this year, Jaguar Land Rover said the Range Rover Electric had already secured 57,000 clients on the waitlist.

Ahead of its official debut later this year, the electric SUV is being put through the paces in Sweden. After that, Range Rover will launch the smaller Sport model. Both will look almost identical to the gas-powered models with the luxury brand’s signature design.

The new Velar EV is set to debut just months after the Range Rover Electric and Sport models arrive. Unlike the other models, the Velar is set for a major revamp, including a new style and 800V platform.

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According to Autocar, spy shots show that the upcoming Range Rover Velar EV will be bigger with a more SUV-like design.

Range-Rover-Velar-EV
Range Rover mid-size electric SUV testing (Source: Autospy)

The upgrades are designed to help the Velar stand apart from the Sport and Evoque models. They could also help it compete with others in the segment, like the Porsche Macan Electric.

On the inside, expect a minimalist design similar to the larger Range Rover models, with a heavy focus on premium materials and tech. The company said its new EMA platform will have hands-free, eyes-on driving assist and OTA updates.

Range-Rover-Velar-EV
Range Rover mid-size electric SUV testing (Source: Autospy)

JLR’s CEO Adrian Mardell confirmed last year that the Range Rover Velar will be the first EV to ride on its new EMA platform.

“We’ll first have MLA BEV, with the Range Rover BEV later next year,” Mardell said, adding, “Then it’s the first vehicle off EMA, which will probably be springtime in 2026.”

Range Rover Velar EV at JLR test center (Source: CarSpyMedia)

Last year, a smaller Range Rover electric SUV, likely the Velar, was spotted at JLR’s test center with a sporty, low-riding profile (See it in the video above).

The 800V EMA platform will underpin other upcoming JLR EVs, including the Evoque and Defender Sport. Although specifics have yet to be revealed, the electric Velar will be powered by JLR’s next-gen batteries.

After JLR announced plans to develop new plug-in hybrids last year, a Velar PHEV model wouldn’t be a surprise. Check back soon for more details, as they are expected closer to launch.

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Gravity to open 8 locations with 500 kW, 5-minute EV charging across Los Angeles this year

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Gravity to open 8 locations with 500 kW, 5-minute EV charging across Los Angeles this year

EV fast-charging startup Gravity is taking its talents to the West Coast. This morning, the company announced a massive US expansion that will bring 500 kW piles capable of 5-minute EV fast charging to eight locations around the Los Angeles metropolitan area.

Gravity Inc. is a NY-based startup focused on sustainable fleets and the infrastructure to operate them efficiently. In 2021, the company began rolling out a fleet of all-electric Mustang Mach-E yellow cabs around New York City while partnering with building owners and parking operators to implement electric vehicle charging infrastructure to support individual drivers and large EV fleets.

In October 2023, Gravity released a full suite of 500kW EV chargers, some of the fastest we had seen at the time. That technology caught the eye of Google Ventures (GV), which led to a successful seed funding round for an undisclosed amount a month later. By March 2024, the startup opened a new “Gravity Charging Center” complete with 24 500 kW Distributed Energy Access Points (DEAPs), hailing the chargers as the fastest in the United States.

The following May, Gravity announced it had adapted its DEAP EV chargers into “trees” that can be easily installed curbside to make charging even faster and more convenient for city drivers. At the time, the company also boldly stated a goal to overtake Tesla as the largest fast-charging network in the US.

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Today, Gravity announced it is bringing its 5-minute EV charging technology to Tesla’s home turf of California (albeit it is quite a ways south in LA).

A Gravity charging station in NYC / Source: Gravity

Gravity to bring 5-minute EV charging to Angelenos

This morning, Gravity shared plans to implement at least eight EV fast charging stations across Los Angeles. Each location will feature approximately 12 500kW DEAPs that, according to the startup, can deliver rates twice as fast as Tesla Superchargers (currently topping out at 350kW).

As such, Gravity is promising 5-minute EV charging sessions, although no US model on the road today can handle 500kW fast charging. Still, many BEVs on 800V platforms will be able to take advantage of the higher charge rates, resulting in less time at the station. Gravity Inc. founder and CEO Moshe Cohen spoke about the company’s plans for SoCal:

These new 500kW sites are going to be a game-changer for Los Angelenos. They will be far faster and more reliable than anything drivers and fleet operators have experienced, with autonomous vehicle engineering and vehicle-to-grid equipment that will make them the most advanced sites in the nation. Now that we’ve validated the superior reliability and performance of our technology, we are focused on blanketing several of the country’s most important urban markets–and we are delighted to begin our LA expansion.

Per Gravity Inc., each of the eight five-minute EV charging sites (seen in the rendering above) around Los Angeles is being developed through an agreement with an unnamed “national corporate partner,” and plans are underway to expand to hundreds of additional sites across the country.

In addition to the 500kW DEAPs, Gravity said each location will be erected to be autonomous-ready. It also intends to pilot hands-free charging technology with specific lanes, sensors, and cable-less tech. All sites will be bidirectional and vehicle-to-grid (V2G) capable, meaning Gravity can flush excess energy back to the local grid in Los Angeles during peak hours or blackouts, pending approval and compliance from the local energy companies, of course.

The eight planned sites where Gravity hopes to deliver 5-minute EV charging have all been designed by architectural firm Rangr Studio (who worked with the startup in NY) and will be implemented at the following areas:

  • Brentwood
  • East Pasadena
  • Huntington Beach
  • Long Beach
  • Manhattan Beach
  • North Hills
  • Pacific Palisades
  • Thousand Oaks

Gravity Inc. said the first Los Angeles charging stations will open sometime in 2025.

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Sources state BYD is targeting half its vehicle sales to come from outside China by 2030

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Sources state BYD is targeting half its vehicle sales to come from outside China by 2030

We’ve said it before and will say it again: Build Your Dreams (BYD) is coming. The Chinese automaker continues to gain momentum in global NEV sales and does not expect to hit the brakes anytime soon. According to multiple sources, BYD aims to have half of its vehicle sales come from other markets outside China within the next five years.

Most of the time we’re covering BYD, we’re either talking about low-cost BEVs with advanced technology, or marveling at the pace at which the Chinese automaker is becoming one of the most innovative and fast-growing companies in its respective segment.

BYD has already expanded its market reach throughout Asia and into new markets with sales and localized production around Europe, South America, and (maybe) North America. 2024 marked a record year for BYD’s financial results, tallying over $100 billion in sales. With Q1 of 2025 now behind us, BYD’s momentum has done everything but falter.

Through the first three months of 2025, BYD had sold over one million New Energy Vehicles (NEVs), up 60% from the 626,263 sold in Q1 2024. This led a tech research firm to predict once again that the Chinese automaker will finally overtake Tesla in total BEV sales this year.

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In April, BYD outsold both Tesla and Mercedes-Benz in the UK and has seen its overseas sales double. If these trends continue, BYD could very well become the most recognizable vehicle badge on roads worldwide, and according to recent reports, that’s precisely what it is targeting.

BYD sales
A BYD BEV on display at the Shanghai Auto Show / Credit: Scooter Doll

BYD looks to become a global player in EV sales by 2030

As reported by Reuters, four people familiar with BYD’s business strategy state that the Chinese automaker has set a goal of having half of its vehicle sales come from outside its native China by the end of the decade. While brands like BYD remain deterred from entering a potentially fruitful market in the US due to trade tensions and tariffs, quick adoption and growth in South America and Europe provide evidence that BYD could reach its target.

If BYD did enter North America, more specifically the United States, its odds of garnering at least half its sales from other markets seem inevitable. However, that’s a pipe dream right now, given the current political and economic climate broiling between the US and China.

Per one of the sources, BYD has been sharing its 2030 sales target with small groups of investors since late 2024, citing continued expansions into Europe as a vital factor in said strategy. A second source attended a private event with BYD executives at the Shanghai Auto Show and relayed that BYD’s confidence in achieving the astronomical uptick in global sales comes from its speedy growth among Chinese consumers. For reference, nine out of every 10 vehicles sold by BYD last year came from a local Chinese buyer.

With such success at home in the last five years, BYD now feels confident it can adapt those learnings and find additional success in new markets overseas. If successful, BYD would become a major player in the global automotive discussion, rubbing elbows with household names like Toyota, Ford, and GM. That feat seems even greater when considering it would be the first Chinese automaker to reach such prominence.

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