Latest news with #Ergen
Gulf Insider
4 days ago
- Business
- Gulf Insider
Crypto to Become UAE's Second Biggest Sector
The crypto industry is set to experience massive growth in the United Arab Emirates (UAE) due to its pro-tech and business crypto sector in the United Arab Emirates (UAE) is on track to become its second-largest industry in the next five years, due to the country's regulatory policies and attractive business environment, according to Chase Ergen, a board member of publicly traded digital asset investment firm DeFi Technologies. 'They have a reputation for leadership, legislation, and community,' Ergen told Cointelegraph in an interview. He also predicted: 'They sell oil, that's their main business. I think their second-biggest business is going to be the blockchain industry in the next five years. This will start to be double-digit parts of the economy.' The country has a clear crypto regulatory framework, a community of key crypto industry executives, a debt-free economy that allows the government to funnel surplus into tech investments, low crime, attractive tax policies, and forward-thinking leadership, Ergen added. The UAE has created a moat that has made it the undisputed hub for crypto and tech in the Middle East and Africa (MENA) amid growing nation-state adoption of crypto and the race between sovereign powers to become global leaders in the digital finance age. Nation-state crypto adoption accelerated in 2025, following the inauguration of president Donald Trump in the United States and the regulatory shift that followed. The Trump White House released its long-promised crypto report in July, outlining the administration's plan to make the US the global leader in crypto. Pakistan's government reversed its long-held opposition to cryptocurrencies in November 2024, one day before the US presidential election. Since that time, Pakistan has established a national Bitcoin reserve and appointed a national crypto council to craft a comprehensive digital asset regulatory framework within the country. Sovereign wealth funds, including the UAE's Mubadala and Norway's sovereign fund, have exposure to Bitcoin BTC$115,221 through exchange-traded funds (ETFs) and other investment vehicles. Norway's sovereign wealth fund, the largest state-directed investment fund of its kind in the world, increased its Bitcoin exposure by 192% over the last year, according to crypto research firm K33. Also read: Kuwaiti Arrested For Illegal Cryptocurrency Mining Operation In Sabah Al Ahmad City
Entrepreneur
06-08-2025
- Business
- Entrepreneur
The Unseen Systems That Will Make or Break Digital Finance
Opinions expressed by Entrepreneur contributors are their own. Before billions of people streamed videos on their phones or ran businesses from their pockets, the groundwork was quietly being laid. Satellites were going into orbit. Fiber-optic cables were being buried beneath cities. 5G towers were rising across skylines. That hidden infrastructure is what made the mobile internet possible. I've seen this playbook before. The Ergen family spent decades helping to expand the physical backbone of global connectivity, long before most people realized the importance of that infrastructure. Today, I see the same story playing out again, this time in the naturally evolving world of decentralized finance (DeFi). The biggest breakthroughs always begin with what people don't see. In telecom, it was towers and satellites. In DeFi, it's infrastructure, regulation and access. As DeFi moves beyond speculation toward real-world utility, the opportunity isn't just in the applications. It's in the infrastructure, including custody rails, compliance frameworks and cross-border systems; in a nutshell, the entire ecosystem that will function securely, globally and at scale. Related: Mark Cuban Says Explosive Growth in DeFi Is 'Like the Early Days of the Internet' From telecom to tokenization: A familiar blueprint One thing my background in telecom taught me is that lasting change depends on what happens behind the scenes. The systems that enable mass adoption, whether in communications or finance, have to be in place before the public ever sees the benefits. That's exactly the mindset I'm bringing to the growth of DeFi technologies. While much of the attention in Web3 still chases market cycles and hype, the real work is happening at the infrastructure level, building the tools that make decentralized applications usable, compliant and scalable. The real momentum is behind building systems that institutions can rely on, including regulated custody, cross-border trading infrastructure and the legal and technical frameworks necessary to move tokenized assets — such as digital treasuries and credit products — securely across jurisdictions. It's the side of the ecosystem that makes everything else possible. Just like in telecom, those who prioritize regulation, reliability and accessibility will be the ones who build the future, and that's the lane long-term players intend to stay on. The future of finance cannot be just hype The projected growth of DeFi, from just over $20 billion today to more than $230 billion by 2030, tells us how early we still are. However, I've learned that growth alone doesn't guarantee maturity. Without infrastructure, scale breaks down. Without trust, adoption stalls. It's trust that drives systems forward, and trust comes from infrastructure, including regulatory clarity, security and seamless access for users. That's why entrepreneurs today spend a lot of time not just thinking about what can be built, but where and how it can be built. Experience shows that working with policymakers, rather than around them, can accelerate the adoption of new ideas, and this principle applies equally to decentralized finance. Jurisdictions like the UAE, Singapore, and, of course, the U.S., where regulatory frameworks are clear and forward-looking, are now leading the way in digital asset innovation for this reason. But regulation is only one piece. There's also a last-mile problem that we as an industry need to solve. It's not enough to build robust systems; they have to be intuitive. That means better user interfaces, frictionless fiat onramps and tools that work without requiring deep technical knowledge. The best infrastructure fades into the background. No one thinks about how their phone connects to a tower. It just works. That's the standard we should be aiming for in financial systems, too. Related: Why Entrepreneurs Can't Afford to Ignore DeFi The emergence of stablecoins One of the most evident signs that DeFi is entering a phase of real-world utility is the emergence of stablecoins, which, unlike volatile crypto assets, are designed to maintain a consistent value, typically tied to fiat currencies such as the U.S. dollar. This stability positions them as a practical entry point for both institutions and individuals, facilitating cross-border transactions, real-time settlement and access to yield-generating opportunities without the usual barriers of traditional banking. Stablecoins are emerging as the connective tissue between the decentralized and traditional financial systems. They're being used for payroll, remittances, on-chain treasuries and even in central bank conversations about digital currencies. As regulatory clarity increases and infrastructure matures, stablecoins will likely be the backbone of a new, programmable financial layer that's global in reach, secure by design and open by default. As interest in Web3 returns, particularly with moves like Circle's IPO and blockbuster ETF inflows being registered on a daily basis, we must maintain our focus on what matters: not chasing the hype but laying the foundations. Every technology wave reaches a point where infrastructure becomes the priority. This is that moment for DeFi.
New York Post
18-06-2025
- Business
- New York Post
How EchoStar boss managed to get key sit-down with Trump – and stave off likely demise
EchoStar chief Charlie Ergen can thank Newsmax boss Chris Ruddy for his meeting with President Trump – and maybe keeping the Dish Network's parent company out of bankruptcy, On The Money has learned. The pow-wow, reported by Bloomberg last week, provided a lifeline to Ergen's struggling telecom provider by forestalling the Federal Communications Commission from seizing the company's spectrum amid a wide-ranging investigation. Telecom executives have been scratching their heads about why Trump would entertain Ergen, a controversial figure in telecom circles known to spread around campaign contributions mainly to Democrats. Advertisement 4 Charlie Ergen met with President Trump to try to prevent hisEchoStar from filing for bankruptcy. REUTERS What hasn't been reported is that Ruddy played an instrumental role in setting up the Trump confab that as of now appears to have delayed or ended any significant FCC action, sources told On The Money. The president agreed to meet with Ergen after Ruddy assured Trump that Ergen has never scuttled conservative programming on his Dish satellite service, according to people close to the matter. Advertisement Ruddy also argued to Trump that Ergen has made donations to prominent Republicans over the years, the sources added. Reached by phone, Ruddy declined to comment but confirmed his involvement in the matter. A White House spokesman had no comment. A press official for Ergen didn't return a request for comment. 4 Newsmax CEO Chris Ruddy played an instrumental role in setting up the Trump confab, sources said. Getty Images Advertisement Ruddy and Ergen have been close for years, since Ergen's Dish satellite network began running Newsmax programming in its formative years. The former New York Post reporter founded the conservative media outlet in 1998 as a magazine. In recent years, it evolved into a significant presence in providing digital news and right-leaning television programming. Newmax recently completed an initial public offering at $10 a share before its stock soared to as high as $223. It has settled back down to around $13. In recent weeks, Ergen had tried to meet with Carr but to no avail, until Ruddy's involvement, people with knowledge of the matter said. Advertisement 4 Ruddy and Ergen have been close for years, since Ergen's Dish satellite network began running Newsmax programming in its formative years. Christopher Sadowski The Ruddy-arranged sit-down reportedly led to a separate meeting with Brendan Carr, Trump's FCC chair. Carr didn't respond to a request for comment. EchoStar shares have surged nearly 50% since the meetings between the White House and Ergen. Last month, the agency began an investigation into whether Ergen has been doing enough to build out a significant wireless network and meet deadlines to become a competitor to companies like Verizon and AT&T. 4 The Ruddy-arranged sit-down reportedly led to a separate meeting with Brendan Carr, Trump's FCC chair.. via REUTERS Charlie Gasparino has his finger on the pulse of where business, politics and finance meet Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters The FCC could seize those licenses if it finds that Ergen hasn't taken the necessary steps to use them to build out its network. Advertisement If the FCC seized Ergen's spectrum it would likely lead to a bankruptcy for Echostar. According to published reports, EchoStar had considered a Chapter 11 bankruptcy filing amid the uncertainty of the FCC probe.
Mint
13-06-2025
- Business
- Mint
Trump Urged Ergen, Carr to Cut a Deal on EchoStar Spectrum
President Donald Trump has intervened to push EchoStar Corp. and Federal Communications Commission Chairman Brendan Carr to resolve a dispute over the satellite communications company's valuable spectrum licenses. The FCC in May launched an investigation into whether EchoStar was meeting certain obligations for its wireless and satellite spectrum rights. In response, EchoStar has been skipping bond coupon payments and is considering filing for bankruptcy. The company has said the FCC's threats have 'effectively frozen our ability to make decisions' about its 5G network buildout. After multiple rebuffed attempts to speak directly to Carr, EchoStar President Charlie Ergen finally sat down with the chairman late Wednesday afternoon in the FCC's Washington headquarters, according to people familiar with the meetings. Carr told Ergen that EchoStar needs to start selling some of its spectrum licenses, the people said, asking not to be identified discussing private information. Otherwise, Carr told Ergen, the company risks losing them. The next day, Ergen met with Trump at the White House to make his case, the people said. The president said he didn't want a major American company to go bankrupt, as it would create uncertainties for other businesses. In the midst of the conversation, Trump telephoned Carr, who came to the Oval Office and joined the meeting. The discussions included a brief exchange about Ergen's political donations and whether he gave to both Republican and Democrat candidates, some of the people said. At one point Trump also called Newsmax Inc. founder Chris Ruddy to ask if EchoStar's DISH satellite TV service carried conservative news outlets like his, according to people familiar with the matter. 'Newsmax has had a very positive relationship with the DISH network and we appreciate them giving diverse voices, including us, the ability to reach their subscribers,' Ruddy said in a statement, when asked for comment about the meeting. The meeting concluded with the president encouraging Carr and Ergen to work together and reach some kind of deal, the people said. EchoStar declined to comment. Carr and representatives for his office didn't respond to multiple requests for comment. The White House didn't immediately respond to a request to comment on the specifics of the meeting between Ergen and the President. The FCC initially blessed EchoStar's ambition to become a fourth national wireless carrier, using pioneering technology that lets more companies participate in the buildout of the network. But in a letter sent to Ergen last month, Carr questioned whether EchoStar has adequately made use of its spectrum licenses, including a portion of the airwaves that has been long coveted by Elon Musk's satellite communications company SpaceX. EchoStar owns the Dish Network pay-TV brand and the Boost Mobile wireless service. It has spent billions of dollars and several years trying to build a nationwide communications network to compete with AT&T Inc., Verizon Communications Inc. and T-Mobile US Inc. But Carr has suggested EchoStar is moving too slowly and not achieving agreed upon targets for coverage, leading to 'spectrum warehousing,' or unused portions of spectrum. Starlink has publicly pointed to what it characterizes as EchoStar's wasted bandwidth to argue for regulatory action. In the worst-case scenario for EchoStar, the FCC could find that it has not met obligations to use its spectrum licenses and reclaim at least some of them. Former FCC Commissioner Nathan Simington, a Republican who recently left the agency, wrote in an opinion piece that Carr should drop the probes. With assistance from Hannah Miller. This article was generated from an automated news agency feed without modifications to text.
Mint
11-06-2025
- Business
- Mint
EchoStar Bondholders Huddle With Law Firm Akin Gump as Default Looms
(Bloomberg) -- Bondholders to EchoStar Corp. are working with law firm Akin Gump Strauss Hauer & Feld and investment bank Centerview Partners LLC as the telecommunications company mulls a potential bankruptcy filing amid a Federal Communications Commission probe, according to people familiar with the matter. The moves come as the company controlled by billionaire Charlie Ergen announced at the end of May it was skipping bond coupon payments, said the people, who asked not to be named because they can't speak publicly. That set the clock ticking for a default unless the company pays up before the end of a 30-day grace period. A spokesperson for EchoStar and a representative for Akin Gump didn't respond to requests for comment. A representative for Centerview declined to comment. The Wall Street Journal reported Akin Gump is advising the bondholder group earlier on Tuesday. The company has about $5 billion of cash on its balance sheet but decided not to pay bond interest, including those of its Dish DBS unit that came due on June 2, as the FCC review of spectrum rights has 'frozen' its ability to make decisions regarding the company's 5G network buildout. EchoStar's statement on May 30 suggested a Chapter 11 bankruptcy filing was possible. The company declined to comment on 'rumors and speculation' regarding a possible Chapter 11 filing responding to questions from Bloomberg News last week. Ergen had repeatedly sought to meet with FCC's Chairman Brendan Carr in the months leading up to the agency's probe into the company's wireless spectrum holdings, but was never able to secure a sit-down, according to emails made public by EchoStar on Monday. (Updates to add Centerview Partners as the bank the group is consulting.) More stories like this are available on
