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The National
44 minutes ago
- The National
Trump executive order cuts red tape for space rocket launches
US President Donald Trump has signed an executive order to ease regulations for space companies launching rockets and carrying out missions. The directive, called Enabling Competition in the Commercial Space Industry, asks federal agencies including the US Department of Transportation and the Federal Aviation Administration (FAA) to speed up the review process for space flight licences and remove outdated regulations. It also asks the Secretary of Transportation, Sean Duffy, to 'eliminate or expedite' environmental reviews for launch and re-entry licences and permits. Such regulations have proven to be a challenge for billionaire Elon Musk and his SpaceX company. The Trump administration said the goal of the executive order, signed on Wednesday, was to make the US a more competitive player in the global space industry. 'By slashing red tape tying up spaceport construction, streamlining launch licences so they can occur at scale and creating high-level space positions in government, we can unleash the next wave of innovation,' said Mr Duffy, who also serves as acting Nasa administrator. 'At Nasa, this means continuing to work with commercial space companies and improving our spaceports' ability to launch." Fast track to launch The Trump administration has historically advocated reducing regulatory barriers and expediting approval processes, especially for industries it considers critical to the country, including as aerospace and defence. Last year, Mr Musk threatened to sue the FAA after it proposed issuing $633,009 worth of penalties to SpaceX for failing to follow licence requirements during two of its launches in 2023. Despite the row between Mr Trump and Mr Musk, SpaceX could benefit most from the executive order, with plans to test its deep-space rocket Starship more frequently. Earlier this year, SpaceX was awarded permission by the FAA to increase launches of the powerful rocket to 25 each year. The directive would also benefit start-ups developing launch technology. Environmental concerns The order also led to opposition from environmental groups, who warned it could weaken protection for wildlife near launch sites. Jared Margolis, of the Centre for Biological Diversity, said the directive 'paves the way for the massive destruction of protected plants and animals". It called the move reckless and said it "puts people and wildlife at risk from private companies launching giant rockets that often explode and wreak devastation on surrounding areas". Race with China Mr Trump's efforts to boost the private space industry would also help the country in the race to the return to the Moon, amid competition form countries including China. Nasa relies on space companies to achieve the goals of its Artemis Moon programme and broader ambitions in the sector. The agency's plan to send astronauts to the lunar language for the first time since the Apollo era will only be possible when SpaceX completes its Starship human landing system. The mission is scheduled to take place on 2027. China also has plans for a human landing mission on the Moon before 2030. Last week, its space agency completed a critical landing and take-off test of its crewed lunar lander.
The National
an hour ago
- The National
Trump executive order launches move to relax US space rocket rules
US President Donald Trump has signed an executive order to ease regulations for space companies launching rockets and carrying out missions. The directive, called Enabling Competition in the Commercial Space Industry, asks federal agencies including the US Department of Transportation and the Federal Aviation Administration (FAA) to speed up the review process for space flight licences and remove outdated regulations. It also asks the Secretary of Transportation, Sean Duffy, to 'eliminate or expedite' environmental reviews for launch and re-entry licences and permits. Such regulations have proven to be a challenge for billionaire Elon Musk and his SpaceX company. The Trump administration said the goal of the executive order, signed on Wednesday, was to make the US a more competitive player in the global space industry. 'By slashing red tape tying up spaceport construction, streamlining launch licences so they can occur at scale and creating high-level space positions in government, we can unleash the next wave of innovation,' said Mr Duffy, who also serves as acting Nasa administrator. 'At Nasa, this means continuing to work with commercial space companies and improving our spaceports' ability to launch." Fast track to launch The Trump administration has historically advocated reducing regulatory barriers and expediting approval processes, especially for industries it considers critical to the country, including as aerospace and defence. Last year, Mr Musk threatened to sue the FAA after it proposed issuing $633,009 worth of penalties to SpaceX for failing to follow licence requirements during two of its launches in 2023. Despite the row between Mr Trump and Mr Musk, SpaceX could benefit most from the executive order, with plans to test its deep-space rocket Starship more frequently. Earlier this year, SpaceX was awarded permission by the FAA to increase launches of the powerful rocket to 25 each year. The directive would also benefit start-ups developing launch technology. Environmental concerns The order also led to opposition from environmental groups, who warned it could weaken protection for wildlife near launch sites. Jared Margolis, of the Centre for Biological Diversity, said the directive 'paves the way for the massive destruction of protected plants and animals". It called the move reckless and said it "puts people and wildlife at risk from private companies launching giant rockets that often explode and wreak devastation on surrounding areas". Race with China Mr Trump's efforts to boost the private space industry would also help the country in the race to the return to the Moon, amid competition form countries including China. Nasa relies on space companies to achieve the goals of its Artemis Moon programme and broader ambitions in the sector. The agency's plan to send astronauts to the lunar language for the first time since the Apollo era will only be possible when SpaceX completes its Starship human landing system. The mission is scheduled to take place on 2027. China also has plans for a human landing mission on the Moon before 2030. Last week, its space agency completed a critical landing and take-off test of its crewed lunar lander.
Zawya
an hour ago
- Zawya
Crypto exchange Bullish valued at nearly $13.2bln in blowout NYSE debut
Cryptocurrency exchange operator Bullish was valued at about $13.16 billion after its shares more than doubled in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset firms. The parent of crypto news website CoinDesk raised $1.11 billion in its IPO, valuing the company at $5.4 billion — another sign of mainstream adoption in a market that recently topped $4 trillion. "Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process," said Jeff Zell, senior research analyst at IPO Boutique. The stock opened at $90 and was trading over 150% its IPO price of $37 in afternoon trading. It went as high as $118, before paring gains slightly to trade at $92.60. A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs. Exchange operator Gemini and asset manager Grayscale are also among the crypto firms that have confidentially filed to go public. "We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class," Bullish President Chris Tyrer told Reuters in an interview. Bullish is close to concluding a two-year process to obtain a virtual currency license known as a "BitLicense" in New York, which would allow the company to operate in the state, Tyrer said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. Peter Thiel-backed Bullish plans to convert a significant portion of the IPO proceeds to stablecoins — a slice of the crypto space that has boomed since U.S. President Donald Trump signed the Genius Act, creating a regulatory regime for the dollar-pegged cryptocurrencies. INSTITUTIONAL FOCUS Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase, which became the first crypto player to be included in the benchmark S&P 500 index in May. Founded in 2020, Bullish targets institutional clients, whose crypto holdings are expected to rise as a new White House order aims to allow alternative investments in 401(k) retirement plans. "A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven," said Michael Hall, co-chief investment officer and founding partner at Nickel Digital Asset Management. Bullish CEO Tom Farley was previously the president of the NYSE. "For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates," Hall said. (Reporting by Ateev Bhandari and Atharva Singh in Bengaluru and Hannah Lang in New York; Editing by Shilpi Majumdar, Devika Syamnath, Tasim Zahid and Alan Barona)
