Latest news with #CaliforniaBreakthroughProject
Business Insider
17-07-2025
- Business
- Business Insider
Is Coinbase the New DOGE in California? Coinbase Stock (NASDAQ:COIN) Jumps
Of all the things I never thought I would say, 'Coinbase is the new DOGE' is pretty high on the list. Cryptocurrency exchange superstar Coinbase (COIN) recently did just that, somehow, joining a coalition of operations going to California to help '…streamline state operations.' The move was bold enough for shareholders, as shares gained over 2.5% in Wednesday afternoon's trading. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Coinbase, along with elements from Ripple (XRP-USD) and MoonPay, will be part of the California Breakthrough Project, a move designed to help improve California by making it cost less to run. The coalition of tech giants will be working to '…pinpoint bottlenecks in procurement, hiring, and service delivery, propose challenge-based pilots, and maintain transparency and labor consultation throughout each project phase.' Governor Gavin Newsom, noting that 32 of the 50 biggest AI companies on the planet currently operate out of California, connected the California Breakthrough Project to the development of artificial intelligence (AI) tools and platforms. The coalition also has a limited time to deliver its recommendations, as each cabinet agency is required to submit '…one no- or low-cost efficiency proposal within 90 days.' All This Lobbying and No Laws to Follow…Yet The Trump administration is currently working on cryptocurrency regulation proposals, but this cannot come soon enough for Coinbase. Coinbase is eager to have regulation on its side so that it can better operate, and to that end, it recently put another $25 million into the Fairshake political action committee (PAC). Coinbase chief legal officer Paul Grewal noted that 'sensible rules' are 'critically important,' and thus urged passage of not only the Genius Act—which relates to stablecoins—but also the Anti-CBDC Surveillance State Act and the Clarity Market Structure Act, reports noted. Grewal also noted, 'It's critically important that we make progress on these bills to preserve America's competitiveness.' Is Coinbase a Buy, Sell or Hold? Turning to Wall Street, analysts have a Moderate Buy consensus rating on COIN stock based on 13 Buys, 11 Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 55.77% rally in its share price over the past year, the average COIN price target of $313.14 per share implies 21.12% downside risk.
Yahoo
16-07-2025
- Business
- Yahoo
Why XRP (Ripple) Is Surging Today
Key Points The House of Representatives voted to reconsider a package of crypto bills that hit a procedural roadblock Tuesday. Media outlets reported Wednesday that President Donald Trump plans to fire Federal Reserve Chair Jerome Powell, but Trump eventually denied the report. The executive chairman of Ripple, the company behind XRP, is part of a group of tech leaders who will work with California Gov. Gavin Newsom to make that state's government more efficient. 10 stocks we like better than XRP › As of 3:48 p.m. ET Wednesday, the price of XRP (CRYPTO: XRP) was up by 6.3% over the prior 24 hours. While there was no obvious reason for that rise that could be directly connected to the crypto, several events likely helped drive it. A crypto-packed day Wednesday started off with a bang when media outlets, citing an anonymous White House official, reported that President Donald Trump was planning to fire Federal Reserve Chair Jerome Powell, whom he has criticized for months. The stock market started to fall until Trump eventually denied the report. The threat of Trump potentially firing Powell could impact crypto prices. If Trump were to do that -- an action that Powell has noted is "not permitted under the law" -- some investors could lose faith in the free-market principles of the U.S., as well as the integrity of the Fed. That could push more of them into the alternative, largely decentralized crypto system. In other news, the House of Representatives on Wednesday afternoon voted to reconsider several crypto bills that had failed to advance procedurally on Tuesday. If passed, the various bills would create regulatory frameworks for stablecoins and digital assets, and also prevent the Fed from creating its own central bank digital currency. Crypto advocates view these bills as key pieces of legislation needed to remove regulatory uncertainty. Also, California Gov. Gavin Newsom announced a new initiative called the California Breakthrough Project that will work with some of the top tech leaders across the state to help make its government more efficient. That group includes Chris Larsen, the executive chairman of Ripple, the company behind XRP. Is XRP a buy? The entire crypto sector stands to benefit if these three crypto bills are passed in Congress. Ripple has its own stablecoin that XRP interacts with and serves as a bridge currency for. XRP is intriguing because of its strong technical network, which can process many transactions per second. It also stands to benefit from the work Ripple is doing on cross-border payments with mainstream financial institutions and institutional investors. Still, the token remains volatile and speculative, so I would keep any position in it small for now. Should you buy stock in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,308!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Bram Berkowitz has positions in XRP. The Motley Fool has positions in and recommends XRP. The Motley Fool has a disclosure policy. Why XRP (Ripple) Is Surging Today was originally published by The Motley Fool
