Latest news with #DavidSacks
Sky News AU
3 days ago
- Business
- Sky News AU
Australia's net zero obsession, high taxes holding back crypto sector as other nations capitalise on its 'transformative potential', top tech CEO says
Bitcoin's surge past US$100,000 this month, driven by the US Treasury's plan to expand its Strategic Bitcoin Reserve, marks a key moment in crypto's historic if volatile journey. Since its inception in 2009, Bitcoin's price has been a rollercoaster: from $0.40 in 2010 to surpassing $100,000 in 2025. Not many asset classes have provided returns in this vicinity – select top-performing stocks like NVIDIA or Tesla other rare examples. The question of course on everyone's mind? Is this meteoric rise sustainable, is it still just the beginning, or are we teetering on the edge of another correction? With Bitcoin's market cap now dancing around US$2.16 trillion, let's dive into its global impact, policies, and implications. A primer – what you need to know about the global crypto industry in five minutes Since its 2009 debut Bitcoin has evolved into a trillion-dollar ecosystem, weaving decentralised finance (DeFi), non-fungible tokens (NFTs), stablecoins, and blockchain applications into the fabric of global finance. Cryptocurrencies – digital assets secured by cryptography on decentralised blockchain networks - fascinate the imagination for their inherent transparency and immutability. Bitcoin remains the benchmark for a decentralised store of value, Ethereum captivates with smart contracts powering DeFi and NFTs, and stablecoins like Tether (USDT) and USD Coin (USDC) intrigue for enabling trading and remittances. But can crypto truly democratise wealth, or are we chasing a speculative bubble? As of May 2025, daily trading volumes in global crypto top $100 billion. Over 420 million users worldwide fuel adoption, from underbanked communities to institutional giants. Yet, volatility – evident in Bitcoin's climb from $62,000 in October 2024 to $110,000 now - along with regulatory uncertainty and mining's environmental toll, keeps a core question open: over the long term, how will cryptocurrency balance innovation with stability? Governments are wrestling with this fundamental question, creating a patchwork of regulatory approaches. Let's unpack them: The Trump administration's crypto ambitions Perhaps the biggest regulatory story in the crypto arena right now is the Trump administration's pro-crypto pivot. From a core campaign promise in the 2024 presidential election that arguably moved key voter cohorts into Trump's column, to the administration's current regulatory framework launched in January 2025 – it's been a market defining ride. President Trump appointed David Sacks as the White House AI and Crypto Czar, aiming to make the U.S. the 'world capital of crypto.' The GENIUS Act, introduced with Senators Tim Scott and Representative French Hill, targets stablecoin regulation, with Senator Bill Hagerty noting, 'Our goal is to create a framework that encourages innovation while protecting consumers.' Then we have Trump's March 2025 executive order to create a Strategic Bitcoin Reserve, using seized cryptocurrencies to avoid taxpayer costs, a move that sparked Bitcoin's climb past $90,000 in November 2024 and $100,000 in December. Mr Sacks recently stated that at one point in time, the US accumulated about 200,000-400,000 bitcoin on the federal balance sheet through civil and criminal asset forfeitures and sold roughly half of it for $360 million total through multiple auctions between 2014 and 2016. It's fun to speculate what a parallel reality might have looked like if the US government had held that bitcoin – it would be worth $20 billion today. The World's largest asset manager takes the blockchain leap In April 2025, the world's largest asset manager BlackRock ($USD 11.5T AUM) partnered with BNY Mellon to file for 'DLT Shares' in its $150 billion Treasury Trust money market fund. These Distributed Ledger Technology (DLT) Shares use blockchain to mirror share ownership, promising faster settlements and transparency for institutional investors with a $3 million minimum. BlackRock's CEO Larry Fink said, 'Tokenisation will revolutionize investing' by reducing market friction. This builds on their $2.5 billion BUIDL fund on Ethereum and Solana. So what happens when Wall Street co-opts decentralised tech? Are we seeing innovation or a corporate takeover of crypto's promise? Regulatory benchmarking – where global markets stand Crypto's global footprint, adoption and regulation vary wildly. An assessment of adoption (user base, transaction volume, infrastructure, percentage, and absolute number of crypto users) and regulatory favourability (clarity, support for innovation, investor protection) by key market helps paint a macro picture. The US leads with high adoption (15 per cent of its 340 million population, or 50 million users) and moderate regulation, bolstered by platforms like Coinbase and BlackRock's initiatives as described above, though compliance costs remain high. Singapore follows closely with strong adoption (14 per cent, five million users) and the most favourable regulatory environment, thanks to the MAS's clear licensing and tax incentives. The EU ranks third with strong adoption (10 per cent, 40 million users) and a robust MiCA framework, despite strict KYC/AML rules. India exhibits high adoption (7 per cent, 100 million users) but is tempered by low-to-moderate regulation due to heavy taxes and unclear licensing regimes. Nigeria's very high adoption (10 per cent, 22 million users) is constrained by low regulatory clarity post a 2021 ban. China is one of the most restrictive markets and thus lags with low adoption (1 per cent, 10 million users) and hostile regulations. Finally, Australia trails with moderate adoption (only 4 per cent of the population, or 1 million users) and regulation, hindered by licensing delays and conservative banking strategies, thereby falling behind more progressive markets like the US and Singapore. What to expect from here? Many believe crypto has the potential to be a great game-changer for the 21st century economy. The Trump administration's audacious crypto agenda, with its Strategic Bitcoin Reserve paves the way for a potential seismic shift that could cement the US as the global crypto epicenter. For the world, this policy could accelerate mainstream adoption, drawing billions into digital assets and challenging traditional finance. Australia's sophisticated consumer market offers a valuable tailwind into this trend, with 25 per cent of 18-34-year-old Australian's owning crypto according to the 2024 Independent Reserve survey. Firms like BetaShares launched crypto ETFs in 2024 and ASIC and AUSTRAC provide regulatory guardrails. Blockchain could unlock the potential of Sydney and Melbourne as fintech hubs in the Asia-Pacific region, and crypto's role in cross-border trade could boost the nation's export footprint. However, Australia's regulatory pace and uncertainty, restrictive banking and high taxes and compliance costs hold this sector back. Net zero goals conflict with crypto mining needs. Australia's famed superannuation funds allocate one to five per cent to crypto lured by Bitcoin's 60 per cent 2024 return but remain primarily focused on traditional assets and lag when compared to innovations such as BlackRock's blockchain-based DLT Shares offering. Small markets like Australia must swiftly innovate and align regulatory policies with global leaders to seize crypto's transformative potential, or risk being sidelined in this pivotal and rapidly unfolding next chapter of the digital economy. Kosha Gada is a tech entrepreneur who also serves as a board member of sports betting platform PointsBet. She is a broadcast commentator on US and international current affairs, appearing live three nights a week on Sky News Australia
Axios
6 days ago
- Business
- Axios
D.C.'s private clubs surge with demand — and big names
Washington's private club landscape — both the old guard and the new guard — is booming, per a new New York Times article. Why it matters: Four prominent D.C. clubs — newcomers the Executive Branch and Ned's Club and the old-school Metropolitan Club and Cosmos Club — all are expanding, have waitlists, or a combo of the two, the newspaper reports. This comes during an increasingly partisan moment in Washington, when many people are looking for familiar retreats. State of play: Executive Branch, a Trump-centric private club opening in Georgetown next month, will run you as much as $500,000 to be a member. It'll be in the underground space once home to Clubhouse and Church Hall, with design nods to the Aman New York. And don't expect to find typical Beltway figures there, White House crypto czar David Sacks tells the Times — think "a fake news reporter" or "a lobbyist," aka people "we don't know and we don't trust." "You have to know the owners," one club spokesperson told the Times while on a private plane returning from overseas. "This is not just for any Saudi businessman." Donald Trump Jr. is a lead investor, and founding members include Sacks and crypto twins Cameron and Tyler Winklevoss. President Trump, meanwhile, is expected to make appearances now that the former Trump Hotel is no longer available as a hangout. Meanwhile, at Ned's Club, which opened downtown in January, members include Treasury Secretary Scott Bessent, MSNBC's Symone Sanders Townsend, CNN's Kaitlan Collins and Phil Rucker, and the Wall Street Journal's Josh Dawsey. Also spotted on the Ned circuit: Mark Cuban and Commerce Secretary Howard Lutnick. Fees at the club start at $5,000 to join, with annual dues of $5,000. It's $1,000 for federal workers.
Daily Mail
6 days ago
- Business
- Daily Mail
Trump aide accuses Sen. Warren of controlling Biden's autopen
A top Donald Trump aide has accused Senator Elizabeth Warren of controlling Joe Biden 's autopen. 'Elizabeth Warren controlled the autopen during that administration,' David Sacks, the White House's AI czar, said on Jesse Watters Primetime on Tuesday. An autopen is a device which automatically replicates a person's signature. He went on to say that Warren, 75, had a 'pathological hatred of the crypto community' and wanted to 'drive this community offshore.' The two men were discussing cryptocurrency in the United States when Sacks made the comment regarding Warren. Sacks did not provide context as to why he believed Warren was behind the autopen. has reached out to Warren's office for comment. Trump had recently said he wants to make the US the 'crypto capital of the world.' However, conservative politicians, including Trump, have recently zoned in on Biden's alleged over usage of an autopen machine. The Republican leader has declared that his predecessor's pardons for the January 6 Committee are 'void' because he believes Biden used an autopen to sign them. In one of his final acts as president, Biden pardoned several members of the House committee that investigated the Jan. 6 attack on the Capitol to protect against potential 'revenge' by Trump. Trump bragged that he always signs executive orders and other official documents by hand. However, many have speculated that Trump used the same method to sign the majority of the 1,500 January 6 pardons he signed for rioters on his first day in office . The obsession with the autopen - which has been used by many presidents, including Barack Obama - came after the conservative Oversight Project revealed that Biden frequently used it. 'Crooked Joe Biden got us into a real mess with Russia and everything else he did, frankly. But he didn't know about it and he, generally speaking, signed it with autopen, so how would he know that autopen is a big deal,' Trump said in a speech at the Department of Justice on Friday. 'When my people come up,' to have him sign an executive order, Trump said 'you don't use autopen.' 'Number one – it's disrespectful to the office,' he claimed. 'Number two – maybe it's not even valid because who's getting him to sign? He had no idea what the hell he was doing.' Trump, 78, was at Main Justice on March 9 to deliver remarks on the fentanyl epidemic and southern border crisis. But the speech quickly turned into a victory lap, where he rubbed the noses of his adversaries into the fact that he won in 2024 and is now back in charge of the country despite efforts to derail his attempts for a second term. Biden, who at 82 years old is four years Trump's senior, was lambasted toward the end of his presidency and during the 2024 campaign for his mental and physical decline. Pro-MAGA figures and supporters often questioned on social media who was 'controlling' or 'pulling the strings' behind the scenes as they insisted there was no way that Biden was running the show at the White House. 'WHOEVER CONTROLLED THE AUTOPEN CONTROLLED THE PRESIDENCY,' the Oversight Project, created buy the Heritage Foundation, wrote in a post on X on Thursday. 'We gathered every document we could find with Biden's signature over the course of his presidency. All used the same autopen signature except for the announcement that the former President was dropping out of the race last year,' the group added. The project shared two examples from documents it claims showed the use of the autopen. This includes a document from August 2022 as well as one from December 2024. It appears that the signatures are identical in the two examples. The Oversight Project also posted an image of Biden's signature in comparison from when he announced he was dropping out of the race in July. That image shows a variation from the other shared documents. examined more than 25 Biden executive orders documented in the Federal Register's office between 2021 and 2025. It found the same signature on each. A separate examination of 25 Trump signatures on orders on the Federal Register's website from his first and second administrations also found the signatures were all the same. The National Archives, however, told fact-checking site Snopes that the 'White House sends a sample of the President's signature to the Office of the Federal Register' at the beginning of every administration. It uses it to 'create the graphic image for all Presidential Documents published in the Federal Register.' The signatures that appear on the Federal Register's website do not reflect the signatures that appear on the original documents. The use of an autopen allows for a mechanical device to sign documents rather than an individual taking pen to paper or transmitting an original e-signature. It has been used by presidents and lawmakers for decades. The first president to use a version of an autopen was Thomas Jefferson. The third US president began using it 1804 and called it the 'finest invention of the present age,' according to the National Museum of American History. The modern version of the machine was first used by Harry Truman, the US' 33rd president. The first president photographed using it was 36th President Lyndon B. Johnson, Snopes reported. However, President Obama was the first president to use it to sign legislation. He used it to sign a four-year extension of the Patriot Act while he was traveling abroad in France. Republicans called for him to resign the document in his own hand.
Daily Mail
6 days ago
- Business
- Daily Mail
Top Trump admin official reveals the extremist Democrat who controlled Biden's autopen
A top Donald Trump aide has accused Senator Elizabeth Warren of controlling Joe Biden 's autopen. 'Elizabeth Warren controlled the autopen during that administration,' David Sacks, the White House 's AI czar, said on Jesse Watters Primetime on Tuesday. An autopen is a device which automatically replicates a person's signature. He went on to say that Warren, 75, had a 'pathological hatred of the crypto community' and wanted to 'drive this community offshore.' The two men were discussing cryptocurrency in the United States when Sacks made the comment regarding Warren. Sacks did not provide context as to why he believed Warren was behind the autopen. has reached out to Warren's office for comment. Trump had recently said he wants to make the US the 'crypto capital of the world.' However, conservative politicians, including Trump, have recently zoned in on Biden's alleged over usage of an autopen machine. The Republican leader has declared that his predecessor's pardons for the January 6 Committee are 'void' because he believes Biden used an autopen to sign them. In one of his final acts as president, Biden pardoned several members of the House committee that investigated the Jan. 6 attack on the Capitol to protect against potential 'revenge' by Trump. Trump bragged that he always signs executive orders and other official documents by hand. However, many have speculated that Trump used the same method to sign the majority of the 1,500 January 6 pardons he signed for rioters on his first day in office. The obsession with the autopen - which has been used by many presidents, including Barack Obama - came after the conservative Oversight Project revealed that Biden frequently used it. 'Crooked Joe Biden got us into a real mess with Russia and everything else he did, frankly. But he didn't know about it and he, generally speaking, signed it with autopen, so how would he know that autopen is a big deal,' Trump said in a speech at the Department of Justice on Friday. 'When my people come up,' to have him sign an executive order, Trump said 'you don't use autopen.' 'Number one – it's disrespectful to the office,' he claimed. 'Number two – maybe it's not even valid because who's getting him to sign? He had no idea what the hell he was doing.' The first president to use a version of an autopen was Thomas Jefferson. The third US president began using it 1804 and called it the 'finest invention of the present age.' The modern version was first used by Harry Truman. Obama was the first to use it to sign legislation Trump, 78, was at Main Justice on March 9 to deliver remarks on the fentanyl epidemic and southern border crisis. But the speech quickly turned into a victory lap, where he rubbed the noses of his adversaries into the fact that he won in 2024 and is now back in charge of the country despite efforts to derail his attempts for a second term. Biden, who at 82 years old is four years Trump's senior, was lambasted toward the end of his presidency and during the 2024 campaign for his mental and physical decline. Pro-MAGA figures and supporters often questioned on social media who was 'controlling' or 'pulling the strings' behind the scenes as they insisted there was no way that Biden was running the show at the White House. 'WHOEVER CONTROLLED THE AUTOPEN CONTROLLED THE PRESIDENCY,' the Oversight Project, created buy the Heritage Foundation, wrote in a post on X on Thursday. 'We gathered every document we could find with Biden's signature over the course of his presidency. All used the same autopen signature except for the announcement that the former President was dropping out of the race last year,' the group added. The project shared two examples from documents it claims showed the use of the autopen. This includes a document from August 2022 as well as one from December 2024. It appears that the signatures are identical in the two examples. The Oversight Project also posted an image of Biden's signature in comparison from when he announced he was dropping out of the race in July. That image shows a variation from the other shared documents. Trump bragged that he always signs executive orders and other official documents by hand. However, many have speculated that Trump used the same method to sign the majority of the 1,500 January 6 pardons he signed for rioters on his first day in office examined more than 25 Biden executive orders documented in the Federal Register's office between 2021 and 2025. It found the same signature on each. A separate examination of 25 Trump signatures on orders on the Federal Register's website from his first and second administrations also found the signatures were all the same. The National Archives, however, told fact-checking site Snopes that the 'White House sends a sample of the President's signature to the Office of the Federal Register' at the beginning of every administration. It uses it to 'create the graphic image for all Presidential Documents published in the Federal Register.' The signatures the appear on the Federal Register's website do not reflect the signatures that appear on the original documents. The use of an autopen allows for a mechanical device to sign documents rather than an individual taking pen to paper or transmitting an original e-signature. It has been used by presidents and lawmakers for decades. The first president to use a version of an autopen was Thomas Jefferson. The third US president began using it 1804 and called it the 'finest invention of the present age,' according to the National Museum of American History. The modern version of the machine was first used by Harry Truman, the US' 33rd president. The first president photographed using it was 36th President Lyndon B. Johnson, Snopes reported. However, President Obama was the first president to use it to sign legislation. He used it to sign a four-year extension of the Patriot Act while he was traveling abroad in France. Republicans called for him to resign the document in his own hand.
Yahoo
27-05-2025
- Business
- Yahoo
3 Crypto-Centric Stocks in Focus as Bitcoin Resumes Its Rally
The cryptocurrency market resumed its rally earlier this month, with Bitcoin (BTC) hitting an all-time high of $111,886.41 last week. Although the cryptocurrency has pulled back marginally and hovered around $110,000 on Monday, Bitcoin has the potential to hit $140,000 in the near term. Easing trade tensions and cooling inflation, which have raised hopes of the Fed resuming rate cuts, are driving the ongoing rally. Given the positive sentiment, it would be ideal to invest in crypto-focused stocks. We have selected three stocks, namely Visa Inc. V, PayPal Holdings PYPL and CleanSpark Inc. CLSK. Each of these stocks has strong growth potential for 2025 and has seen positive earnings estimate revisions in the last 90 days. The ongoing surge in Bitcoin is being fueled by a combination of positive news, including easing trade tensions, growing optimism about U.S. crypto regulations, and increasing enthusiasm among institutional investors. Bitcoin's upward trend comes as volatility continues in the broader market. The opposite movement suggests that several investors might be turning to cryptocurrencies as alternative assets or safe havens amid stock market volatility. Also, trade tensions have eased substantially in recent weeks. The United States and China recently agreed to a temporary trade truce, pausing new tariffs for 90 days. The United States also reached a trade deal with the U.K. earlier this month, and negotiations with other countries are ongoing, according to the White House. Meanwhile, the crypto sector has seen promising signs on the regulatory front. The GENIUS Act — a proposed law designed to oversee stablecoins — recently cleared an important hurdle in the Senate. On top of that, President Donald Trump, alongside his advisor on AI and crypto, David Sacks, has been actively promoting a pro-cryptocurrency policy stance, further lifting confidence in the digital asset market. Also, investors are awaiting the Bitcoin 2025 Conference, which begins on Tuesday at the Venetian Expo in Las Vegas, as they look forward to some positive development on the cryptocurrency. Visa is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments. Visa's expected earnings growth rate for the current year is 12.9%. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last 90 days. V currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. PayPal Holdings provides digital wallet services that enable users to purchase, transfer, and sell various cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Through PYPL, users can use cryptocurrencies to pay for goods and services from online merchants. Additionally, PayPal's mobile wallet platform, Venmo, allows users to engage in cryptocurrency buying and selling activities. PayPal's expected earnings growth rate for the current year is 9.3%. The Zacks Consensus Estimate for current-year earnings has improved 1% over the last 90 days. PYPL currently has a Zacks Rank #3. CleanSpark Inc. operates as a bitcoin miner in the Americas. CLSK owns and operates data centers that primarily run on low-carbon power. CLSK's infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. CleanSpark's expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 23.4% over the last seven days. CLSK presently carries a Zacks Rank #2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Visa Inc. (V) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Cleanspark, Inc. (CLSK) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
