Trump’s crypto agenda is being threatened by his pursuit of personal profits
U.S. President Donald Trump looks on as he gives remarks outside the West Wing at the White House in Washington, D.C., U.S., May 8, 2025.
Kent Nishimura | Reuters
President Donald Trump is standing in his own way when it comes to passing crypto legislation.
Lawmakers this week rejected the GENIUS Act — a bill meant to establish federal rules for stablecoins — due in part to concerns that President Trump’s personal cryptocurrency ventures have created an unprecedented conflict of interest.
“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Sen. Jeff Merkley, D-Ore., said in a statement to CNBC explaining his opposition to the bill. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”
Stablecoins are digital currencies that are pegged to the value of other assets, like the U.S. dollar.
Getting anything passed in Congress is a steep uphill battle for Republicans given their razor-thin majority in the House, filibuster-proof requirement in the Senate, and Democrats’ increasingly unified stance against President Trump’s agenda. But enough Democrats appeared to be on board with a stablecoin law to bring about a rare bipartisan win for the president.
That’s until $TRUMP got in the way.
The president’s meme coin, which he launched just before the inauguration in January, has added billions of dollars of paper worth to his coffers. Its value soared last month after the project ran a promotion offering top $TRUMP holders a dinner with the president and a “VIP White House tour.” Sen. Richard Blumenthal, D-Conn., called it a “pay-for-play scheme.” First Lady Melania Trump has a coin as well.
The GENIUS bill failed to advance in the Senate on Thursday. It needed 60 votes to move to the Senate floor for final passage. The final tally was 48 in favor and 49 against. Three senators didn’t vote.
Earlier in the week, Senate Democrats unveiled the “End Crypto Corruption Act,” spearheaded by Merkley and Minority Leader Chuck Schumer of New York, meant to prohibit elected officials and senior executive branch personnel and their families from issuing or endorsing digital assets.
But the key defections to the stablecoin legislation came last weekend, when a group of nine Senate Democrats — four of whom had previously voted for the bill in committee — said that they wouldn’t support it and called for stronger provisions to address “anti-money laundering, foreign issuers, and national security.”
‘Ongoing self-dealing’
Sen. Lisa Blunt Rochester of Delaware was one of the four. She pointed directly at Trump’s financial entanglements.
“I also remain concerned about the ongoing self-dealing and financial conflicts of interest being carried out by the Trump family,” she wrote in a statement on Thursday.
It’s not just about the $TRUMP and $MELANIA meme coins. There’s also the Trump family crypto venture World Liberty Financial, which was established last year and launched a stablecoin just as the administration pushed for looser regulations on digital assets.
Reports have indicated that Abu Dhabi-based MGX is using Trump’s stablecoin for a $2 billion investment in crypto exchange Binance, creating yet another potential conflict of interest for a sitting president.
For some investors and entrepreneurs in the crypto industry, the president’s pursuit of personal profits is creating a major impediment to long-awaited advancements. After years of setbacks during the Biden administration, the crypto lobby became a powerful force in funding Trump’s 2024 campaign and in successfully backing industry-friendly candidates for Congress.
“It’s unfortunate that personal business is getting in the way of good policy,” said Ryan Gilbert, founder of fintech venture fund Launchpad Capital. “I would hope that everybody in the administration, including the president, gets out of the way of good policy.”
The White House didn’t respond to a request for comment. At a press conference on Friday, White House press secretary Karoline Leavitt said, when asked about the meme coin dinner, that “the president is abiding by all conflict of interest laws.”
“The president is a successful businessman, and I think it’s one of the many reasons that people reelected him back to this office,” Leavitt said.
A number of top Democrats, including Sen. Elizabeth Warren of Massachusetts and Kirsten Gillibrand of New York have joined the parade of critics, targeting President Trump’s personal pursuits. Gillibrand helped introduce the GENIUS Act earlier this year, but she said this week that there are “a number of outstanding issues that needed to be addressed before the bill could pass the full Senate.”
“I believe it is essential to the future of the U.S. economy and to everyday Americans that we enact strict stablecoin regulations and consumer protections where none currently exist,” Gillibrand said in a statement. “I remain extremely confident and hopeful that very soon we can finish the job.”
Sen. Blumenthal called for an investigation into Trump-linked coins, demanding financial records from World Liberty Financial and slamming the president for “the attempted use of the White House to host competitions to prop up the value of $TRUMP.”
Sen. Ruben Gallego, D-Arizona, had supported the GENIUS Act but said he couldn’t move forward this week after Republicans declined to provide more time to negotiate.
“Without more time to at least finish the bill, there was no true bipartisan path forward,” he wrote on X.
Launchpad’s Gilbert said the GENIUS Act is just the first piece. More broadly, the president’s conflicts could have an impact on hopes for other legislative achievements and deregulation efforts as well as the reputation of the U.S. crypto industry on the world stage.
“We will be the laughing stocks of the world for this particular reason, and it will hold back continued investment and innovation,” Gilbert said. “There was hope for the past six months that that we could lead in the United States, and that investment should pour into crypto-related businesses, and then it will be simpler and doable again, for all companies to take a lead and to invest in crypto assets.”
However, he said, “if the GENIUS Act doesn’t pass, we’re back to square one.”
WATCH: Ether surges nearly 25% for its best week in four years: CNBC Crypto World
Tern has just unveiled a new pair of electric bikes in collaboration with Airstream, and they might be the most “on-brand” accessories an RV owner could dream of.
The two-bike collection includes special edition versions of Tern’s Vektron S10 and HSD P5I e-bikes. Those two models are already well-loved e-bikes in the urban mobility world, known for their bulletproof designs and rugged everyday rider build quality. But now they come wrapped in Airstream’s signature polished aluminum aesthetic and are purpose-built for life on the road… or more accurately, life off the road.
The new Vektron S10 Airstream by Tern is a premium folding electric bike that combines compact stowability with full-size performance. It folds down in seconds and tucks neatly into an Airstream trailer or tow vehicle.
And it’s not just a pretty new face, either. This is still a Bosch-powered, cargo-capable workhorse that can haul groceries or even a kiddo on the rear rack.
The second model, the HSD P5I Airstream by Tern, is a compact electric cargo bike that’s essentially a small pickup truck disguised as a bike. You get serious utility in a short, nimble package. It’s ideal for campsite errands, runs into town, or cruising around a rally site.
Both models use Bosch’s Performance line drive system with pedal assist up to 20 mph (32 km/h), and they tap into Tern’s impressively deep accessory ecosystem so you can spec them out with front racks, passenger seats, panniers, and more. The Vektron S10 Airstream is priced at $3,699, while the HSD P5I Airstream rolls out at $5,099.
According to Steve Boyd, Tern’s GM for North America, “folding e-bikes and compact e-cargo bikes make the perfect addition to the RV lifestyle.” And frankly, it’s hard to disagree. When you’re parked for the night, your trailer isn’t going anywhere, but your e-bike sure can. Whether you’re headed to the nearest trailhead, grocery store, or lakeside picnic spot, these e-bikes let you leave the truck behind and ride in style.
I’m always hearing from RV owners about how an e-bike – or usually a pair of them – completely changed the game for them by giving them easy mobility beyond where they can reach with their rig.
Airstream’s CMO Mollie Hansen says the company wanted to give owners a better way to explore and make memories, and this partnership with Tern fits right into that mission. The idea is to extend the sense of freedom you get from your trailer onto two wheels, and maybe even spark a little envy from the folks camped next to you.
The design of the bikes was led by The Show Design Co., and the team had plenty of direct contact with real Airstream owners during testing, including a visit to the Airstream International Rally in Sedalia, Missouri. According to company president Mike Milo, the bikes proved to be a hit. And now they’re heading to their official debut at this year’s Airstream Club International Rally in York, Pennsylvania (August 23–28), where owners will get free demos.
Electrek’s Take
This collaboration makes a lot of sense to me, and it’s almost surprising it didn’t happen sooner. Airstream and Tern are both brands with serious design chops and practical roots. Folding e-bikes and cargo e-bikes already dominate the RV world because of how easy they are to transport and how useful they are once you’re parked. Add in some Airstream polish and now you’ve got the official e-bike of campfire coffee runs and last-minute beer missions.
Of course, these aren’t budget bikes by any means, but they’re built to last. When someone tells me they want a bike that is built to haul and they don’t mind paying a bit extra for something higher quality, I always tell them to go to Tern. These bikes are just built to a higher standard, literally. I say that if you want a bike that looks like it’s built tough, get one of those ridiculous Hummer fat tire e-bikes. If you want something that’s actually built tough, you get a Tern.
Now, if they could just also build one that looks like a mini aluminum trailer for e-bikes, we’d really be in business. They’re close… Tern already has a bicycle tow kit!
Ok… now, after spending time making AI generate that image, I really want to build that thing!
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Russian Foreign Minister Sergey Lavrov (right) and India’s Foreign Minister Subrahmanyam Jaishankar enter a hall for their talks at Zinaida Morozova’s Mansion in Moscow on Aug. 21, 2025.
Alexander Zemlianichenko | Afp | Getty Images
India and Russia agreed Thursday to expand bilateral trade ties, signaling that U.S. tariff pressure on New Delhi over Russian oil purchases is unlikely to derail their partnership.
India currently faces additional tariffs of up to 50% on goods shipped to the U.S., after the Trump administration escalated tariff threats in response to its substantial imports of Russian energy.
The India-Russia relations had been among the “steadiest of the major relationships in the world after the Second World War,” Indian foreign minister Subrahmanyam Jaishankar said at a joint press conference in Moscow.
Both countries vowed to boost bilateral trade, including increasing India’s exports of pharmaceuticals, agriculture and textiles to Russia to help reduce the current imbalance, Jaishankar said.
Bilateral trade between New Delhi and Moscow reached a record $68.7 billion for the year ended March 2025, with India’s increased oil imports contributing to a $59 billion deficit.
Other plans include sending Indian workers with skills in IT, construction and engineering to help Russia address its labor shortages, Jaishankar added.
Russian foreign minister Sergei Lavrov said cooperation in the hydrocarbon sector and Russian oil shipments to the Indian market are “making wide strides.” Both sides remain committed to implementing joint energy production projects in the Russian Far East and the Russian Arctic shelf, among other sites, he said.
“This strategic partnership … contributes to regional security and stability, which is undeniably important considering the challenging international circumstances that we are operating under,” Lavrov added.
Western governments have imposed sanctions on Moscow, arguing India’s increased imports helped bankroll Moscow’s war in Ukraine. New Delhi has pushed back, saying the U.S. administration requested the purchases to keep the markets calm, while pointing to the U.S. and European Union’s continued trade with Russia.
Russian embassy officials in New Delhi reportedly said Wednesday that oil shipments to India will continue despite U.S. pressure, adding that Moscow hoped a trilateral meeting with India and China would take place soon.
“Despite the political situation, we can predict that the same level of oil import [by India],” Roman Babushkin, the charge d’affaires at the Russian embassy in India, told a press briefing.
“Russia has been a close strategic partner of India since the 1970s and the Trump administration’s tariff threats are not going to change that,” said Daniel Balazs, a research fellow at S. Rajaratnam School of International Studies.
“On the contrary, it might even act as a catalyst,” Balazs added, prompting New Delhi to agree to a trilateral meeting that Moscow sought to broker with China.
India was the second-largest buyer of Russian oil, importing 1.6 million barrels per day in the first half of this year, up from 50,000 bpd in 2020, though still trailing China’s 2 million bpd imports, according to the U.S. Energy Information Administration.
Washington has not placed secondary tariffs on China for its Russian oil purchases. When asked about China’s role in Russian oil purchases, U.S. Treasury Secretary Scott Bessent suggested that Beijing’s imports were considered to be less egregious because it had already been a major buyer even before Russia invaded Ukraine.
By contrast, Washington has escalated criticism of India in recent days, accusing the nation of profiteering from cheap Russian crude and threatening higher tariffs on Indian goods.
Ceasefire on the line
Trump’s true agenda appears to have little to do with Washington’s stated goal of curbing Moscow’s oil revenues, but extracting leverage from these trading partners, according to several geopolitical experts. These include securing a trade deal with New Delhi while pushing Putin for a ceasefire pact in Ukraine.
Last week, Trump rolled out a red carpet to greet Putin on his first visit to the U.S. in about a decade, sharing a ride with him in the presidential limousine to the venue. The meeting was held in Alaska, which was once a part of Russia.
The meeting did not appear to have produced meaningful steps toward a ceasefire in Ukraine and the Russian government has reiterated its opposition to any short-term ceasefire deal with Ukraine.
Speaking at the joint news briefing Thursday, Lavrov said he had briefed Indian officials on those talks.
“India’s approach continues to emphasize dialogue and diplomacy as essential to resolving differences,” Jaishankar said.
The storm hit. The power’s out. With all the damage around you, it looks like you might be without power for a few days (at least). But you planned for this. You have a home backup battery. What happens now?
If you’re considering a home backup battery, or you already have one and haven’t needed it yet, you might be wondering what you’re supposed to do when the inevitable happens. The good news is: you probably won’t have to do much at all.
Whether you’ve got an industry standard like the Tesla Powerwall, one of the new GM Energy Storage Bundles, or any of the other excellent home battery systems on the market, from your point of view they’ll function in pretty much the same way.
Step 1: do nothing
Modern home batteries are paired with an automatic transfer switch. That’s a switch, usually installed near your home’s electrical panel, that allows you to go from grid power, to battery, and back. And, because it’s automatic, you don’t have to do anything at all.
The instant the grid goes down, the automatic transfer switch recognizes the loss of power and automagically disconnects your house from the grid, seamlessly connecting it to your backup battery instead. Your lights stay on, the refrigerator keeps humming, and whatever else you’ve chosen to back up just keeps on keeping on. In some cases, the transition to battery power happens so smoothly that you might not even realize the neighborhood’s lost power, not noticing the neighbors’ dark windows until you step outside.
When the power comes back, that side of the switch gets energized, and it does its thing again, only in reverse – switching you back from battery to grid power and intelligently re-charging the battery in anticipation for the next blackout.
How long will my battery last?
Unfortunately, this is one of those questions that doesn’t have an easy answer. In the simplest terms, if you have a small battery and try to keep the AC running, you might run out of juice in a few hours. On the other hand, if you have great big battery and save its electrons for just the barest essentials (a few lights, a laptop, and a phone or radio, for example) you might never run out of power.
To put some numbers to that, a 31 cu. ft. Samsung RF32CG5400SRAA stainless steel refrigerator is rated at 785 kWh/year. That works out to about 2.15 kWh/day. Factor in 20-40% higher energy needs for warmer temperatures, a few daily door openings, defrost cycles, inverter losses, etc. and you’re looking at 18-22 kWh of usable battery capacity to keep that thing running for a full week on battery power. Now do that same math for every appliance you deem a “must have,” then do the “nice to haves,” and on down the line.
That doesn’t even address the other form of “last,” and whether you’re looking for a ten- or twenty- year battery solution.
What you need to do, in other words, is talk to the experts. Let them know what appliances you need to keep running, how long you want to prepare for, and let them do the math to help determine which battery solution is right for you.
I’ve included a video that covers the process of picking a solar battery from EnergySage (a trusted affiliate partner), below, and invite you to share some of your own backup battery-picking experiences in the comments.
How to pick a solar battery
Original content from Electrek.
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