XRP & DOGE Blast After SEC Acknowledges Grayscale ETF Applications
XRP and Dogecoin surge after the U.S. SEC acknowledged Graycale's applications for XRP and DOGE spot ETFs. Plus, GameStop considers buying bitcoin and South Korea lifts a ban on crypto trading in a sign of greater global acceptance of digital assets. CoinDesk's Christine Lee hosts 'CoinDesk Daily."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
The rise and fall of Elon Musk and Donald Trump's bromance
During a press conference in the Oval Office last week, President Trump praised Elon Musk, his adviser and the outgoing head of the president's Department of Government Efficiency, for waging war on the federal workforce. 'Elon has worked tirelessly to lead the most sweeping and consequential government reform program in generations,' Trump said alongside Musk, who was donning a black DOGE hat and 'DOGEfather' T-shirt while standing next to the president. For nearly an hour, Trump heaped praise on the billionaire Tesla chief executive, SpaceX founder and owner of X, the social media platform formerly known as Twitter, whose stint as a special government employee had come to an end. 'Elon's really not leaving,' the president added. 'He's gonna be back and forth I think.' What a difference a week makes. Trump and Musk's unlikely bromance unraveled in spectacular fashion on Thursday, with the president telling reporters in the Oval Office that he was 'very disappointed' with Musk's criticism of his 'one big beautiful' spending bill, and Musk responding to Trump in real time through posts on X. "I'm very disappointed in Elon," Trump said. "I've helped Elon a lot." The president suggested that Musk, like many others before him, had become 'hostile' upon leaving his administration. "I'll be honest, I think he misses the place," Trump said. 'People leave my administration, and they love us, and then at some point they miss it so badly, and some of them embrace it, and some of them actually become hostile." "They leave, and they wake up in the morning, and the glamour is gone," the president added. "The whole world is different, and they become hostile. I don't know what it is." Trump also suggested that Musk was 'upset' that the Republican-backed reconciliation bill did not include an electric vehicle mandate, which would have benefited EV manufacturers, including Tesla. 'He knew the inner workings of the bill better than anybody sitting here. He had no problem with it. All of a sudden he had a problem and he only developed the problem when he found out we were going to cut the EV mandate." "False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!" Musk wrote on X. 'Whatever,' Musk continued. 'Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill.' 'In the entire history of civilization, there has never been legislation that [is] both big and beautiful. Everyone knows this!' Musk added. 'Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' Musk, who was one of Trump's most fervent and visible supporters during the 2024 campaign, wasn't done. "Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate," Musk wrote, adding: "Such ingratitude." Trump wasn't done, either. 'Elon was 'wearing thin,'' Trump wrote on Truth Social. 'I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY! 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' Trump added. 'I was always surprised that Biden didn't do it!' The split capped an unlikely longtime partnership for the pair, with Musk stumping for Trump on the campaign trail, and the president, after installing Musk as the head of DOGE, boosting Tesla amid criticism of Musk with an unusual event at the White House. ("Trump turns the White House lawn into a Tesla showroom," NBC News proclaimed.) But in the last few months, there had been multiple reports that Trump was privately growing tired of Musk. On May 27, three days before his farewell press conference in the Oval Office, CBS aired a clip that showed Musk saying he was 'disappointed' that Trump's signature spending bill would undermine his DOGE work. Then on Tuesday, Musk went full blast on the spending package. "I'm sorry, but I just can't stand it anymore," he wrote on X. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it." That brought us to Thursday, when Trump was asked about Musk's attacks during a bilateral meeting with German Chancellor Friedrich Merz at the White House. "Elon and I had a great relationship," Trump told reporters. "I don't know if we will anymore."
Yahoo
28 minutes ago
- Yahoo
Trump and Musk Rip Each Other to Shreds Over Budget Fight
President Trump told reporters Thursday that Elon Musk opposes his 'big, beautiful bill' because it removes the electric vehicle mandate that subsidizes Tesla. Musk responded in real time, only adding more speculation as to just how amicable their political divorce really is. Trump was asked about the status of his relationship with Musk while meeting with German Chancellor Friedrich Merz in the White House. In recent days, as Trump and Musk have gone from being attached at the hip (and pocket) to publicly feuding over the most defining legislation of Trump's second term. 'Elon's upset because we took the E.V. mandate, which was a lot of money for electric vehicles, and you know they're having a hard time, the electric vehicles. And they want us to pay billions of dollars in subsidy,' Trump told reporters in the Oval Office. 'Elon knew this from the beginning, he knew it for a long time ago, that's been.… I would say, JD, that hasn't changed,' he said, as Vice President Vance voiced his agreement. 'Whatever. Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,' Musk replied rather bitterly on X, the platform he owns. 'In the entire history of civilization, there has never been legislation that['s] both big and beautiful. Everyone knows this! Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' This is the most recent installment in a somewhat surprising spat, as Musk has spent months hailing Trump and his agenda as he carried out his slash-and-burn work as DOGE head. Now, right as Musk makes his exit from the administration, he has fallen on the side of the deficit hawks, the few true fiscal conservatives left in the Senate. The Congressional Budget Office projects that the One Big Beautiful Bill Act will add $2.4 trillion to the deficit. Musk continued to rail against Trump and his bill online as Trump expressed disappointment with Musk in real life. 'Elon endorsed me very strongly, he actually campaigned for me.… I would've won Pennsylvania easily anyway, even if the governor ran, the real governor,' Trump said. 'I'm very disappointed, because Elon knew the inner workings of the bill better than almost anybody sitting here, better than you people, he knew everything about it. All of a sudden he had a problem, and he only developed the problem when he found out that we're gonna have to cut the E.V. mandate. 'He knew every aspect of this bill, and he never had a problem until right after he left. And if you saw the statements he made about me, which I'm sure you can get very easily, it's very fresh … he said the most beautiful things about me,' Trump continued. 'And he hasn't said bad about me personally, but I'm sure that'll be next. I'm very disappointed in Elon. I've helped Elon a lot.' 'False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' Musk replied. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' he wrote. 'Such ingratitude.' It was easy to see a rift between these two extreme personalities happen, but perhaps not over this. It would seem that Musk, given his senior role on the campaign and within the administration, would have some sense that the budget bill that Trump had been hyping up for months would impact the deficit. Or is Musk really just now realizing that Republicans don't actually care about decreasing the deficit and cutting spending unless it's for social programs and 'woke' stuff? Now the X posts are flying and the beef seems real. This caps off a tumultuous week for Musk, who pulled up to his DOGE exit press conference last Friday with a black eye, telling reporters that his 5-year-old son punched him in the face. It was also reported last week that he has a ketamine dependency and was frequently high while on the campaign trail. Politics aside, this is a man who was living at Mar-a-Lago for months, and seemed inseparable from the president. They can't just have a meeting or a phone call instead of talking around each other on X or at press conferences?
Yahoo
28 minutes ago
- Yahoo
Trump and Musk enter bitter feud - and Washington buckles up
What happens when the richest person and the most powerful politician have a knock-down, drag-out fight? The world may be about to find out. A disagreement between Elon Musk and Donald Trump started at a simmer last week, began bubbling on Wednesday and is now in full-on boil. And like everything these two men do, it is all spilling out into public view. These two men have two of the world's biggest megaphones, and they clearly enjoy using them. In remarks at the Oval Office on Thursday afternoon, Trump sounded a bit like a spurned lover. He expressed surprise at Musk's criticism of his "big, beautiful" tax and spending legislation. He pushed back against the notion that he would have lost last year's presidential election without Musk's hundreds of millions of dollars in support. And he said Musk was only changing his tune now because his car company, Tesla, will be hurt by the Republican push to end electric vehicle tax credits. Musk took to his social media site, X, with a very Generation X response for his 220 million followers: "Whatever". He said he didn't care about the car subsidies, he wanted to shrink the national debt, which he says is an existential threat to the nation. He called Trump "ungrateful" for his help last year and insisted that Democrats would have prevailed without him. Musk and Trump had formed a powerful but unlikely alliance , culminating in the tech billionaire having a key position of budget-slashing authority in the Trump administration. Musk's Department of Government Efficiency, or Doge, became one of the biggest stories of Trump's first 100 days, as it shuttered entire agencies and dismissed thousands of government workers. It wasn't long, however, before speculation began over when – and how - the two outsized personalities would ultimately fall out. 'Disappointment', 'ingratitude': Trump and Musk spar in public fall-out - follow live Trump 'very disappointed' by Musk as row explodes into public For a while, it seemed like those predictions were off the mark. Trump stood by Musk even as the latter's popularity dropped, as he feuded with administration officials and as he became a liability in several key elections earlier this year. Every time it appeared there would be a break, Musk would pop up in the Oval Office, or the Cabinet room or on the president's Air Force One flight to Mar-a-Lago. When Musk's 130 days as a "special government employee" ended last week, the two had a chummy Oval Office send-off, with hints that Musk might someday return. It's safe to say that any invitation has been rescinded. "Elon and I had a great relationship," Trump said on Thursday – a comment notable for its use of the past tense. There had been some thought that Trump's surprise announcement on Wednesday night of a new travel ban, additional sanctions on Harvard and a conspiracy-laced administration investigation of former President Joe Biden were all efforts to change the subject from Musk's criticism. The White House and its allies in Congress seemed careful not to further antagonise him after his earlier comments. Then Trump spoke out and … so much for that. Now the question is where the dispute goes next. Congressional Republicans could find it harder to keep their members behind Trump's bill with Musk providing rhetorical – and, perhaps financial – air for those who break ranks. Trump, who takes pride in being a devastating counterpuncher, will have plenty of opportunity to lay into Musk. What will happen to Musk's Doge allies still in the Trump administration or government contracts to Musk-related companies or Biden-era investigations into Musk's business dealings? "The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's governmental subsidies and contracts," Trump posted menacingly on his own social media website. If Trump turns the machinery of government against Musk, the tech billionaire will feel pain. Tesla's stock price slipped on Thursday. But Musk also has near limitless resources to respond, including by funding insurgent challengers to Republicans in next year's elections and primaries. He may not win a fight against the whole of Trump's government, but he could exact a high political price. Meanwhile, Democrats are on the sidelines, wondering how to respond. Few seem willing to welcome Musk, a former donor to their party, back into the fold. But there's also the old adage that the enemy of an enemy is a friend. "It's a zero-sum game," Liam Kerr, a Democratic strategist, told Politico. "Anything that he does that moves more toward Democrats hurts Republicans." At the very least, Democrats seem happy to stand back and let the two men exchange blows. And until they abandon this fight, the din is likely to drown out everything else in American politics. But don't expect this spat to end anytime soon. "Trump has 3.5 years left as president," Musk wrote on X, "but I will be around for 40-plus years."
