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Column: Vanguard, one of our top investment firms, shuns crypto 'like the plague.' That's good for its customers

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Column: Vanguard, one of our top investment firms, shuns crypto 'like the plague.' That's good for its customers

After Jan. 10, when the Securities and Exchange Commission approved the first bitcoin exchange-traded investment products, the biggest investment firms jumped into the pool with both feet, jostling one another to offer their clients, big or small, access to bitcoin funds.

All, that is, except the second-biggest private investment management fund on the planet, Vanguard Group.

The firm has made clear, most recently in a Jan. 24 message to its clients, that it has no plans to offer a bitcoin exchange-traded fund (ETF) or any other cryptocurrency-related products. Nor will it allow any such products from other firms to be offered via its brokerage arm.

While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.

— Janel Jackson, Vanguard

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Vanguard spelled out precisely why it is shunning crypto despite the “headlines and buzz” the asset class generates. Put simply, it doesn’t think crypto belongs in retail investors’ portfolios.

That’s a smart and responsible policy that places the interests of Vanguard’s clientele ahead of those of the greedy promoters and scamsters infecting the entire cryptocurrency field.

Bitcoin and other crypto investments have typically spelled financial disaster for ordinary investors. Stories of life savings lost in supposedly safe crypto investments are distressingly common.

Vanguard’s executives know they’re swimming against a tide of pro-crypto propaganda from entertainment and sports stars as well as prominent authors. That doesn’t faze them.

“In Vanguard’s view, crypto is more of a speculation than an investment,” Janel Jackson, the firm’s global head of ETF capital markets, stated in the recent message, which was headlined “No bitcoin ETFs at Vanguard? Here’s why.”

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Contrasting crypto with traditional asset classes, she wrote: “With equities, you own a share of a company that produces goods or services, and many also pay dividends. With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, [and] have inflation-hedging properties…. While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.”

These words are significant for several reasons. One is Vanguard’s size: With more than $7 trillion in assets under management as of 2023, the firm ranks as the second-largest American investment management firm, after BlackRock (more than $9 trillion). Also, more than many other such firms, Vanguard’s target market is retail investors pursuing a long-term buy-and-hold strategy.

Then there’s Vanguard’s history of viewing trendy flavor-of-the-month investment crazes skeptically and keeping them off its platform.

Before getting more deeply into Vanguard’s decision and history, a few words about the SEC’s decision to give bitcoin ETFs a green light.

Under its chairman, Gary Gensler, the agency has consistently resisted giving approval for crypto-based investing schemes. In a tweet as recently as Jan. 9, Gensler advised investors to “be cautious” about anything related to crypto assets. “There are serious risks involved,” he wrote.

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The very next day, however, the SEC approved proposals from several investment firms for bitcoin ETFs after having rejected 20 applications dating back as far as 2018. What had changed, Gensler observed after the vote, was that the SEC’s hands were tied by a ruling from a federal appeals court in Washington, D.C. The court found that the commission hadn’t made the legal case for turning down the latest application.

Gensler emphasized that the SEC’s vote didn’t mean that its general distaste for crypto investments had changed. The ETF it approved was limited to holding a single cryptocurrency, bitcoin, he warned, and shouldn’t be taken as a signal that the commission would look kindly on other crypto-based investment products.

Commissioner Caroline A. Crenshaw, like Gensler a member of the SEC’s Democratic Party majority, was even more blunt in dissenting from the approval. Are the crypto markets safe? she asked rhetorically. “Substantial evidence indicates that the answer is no.”

She added that the spot bitcoin trading underlying the new ETFs “is so susceptible to manipulation, so rife with fraud, so subject to volatility, and so limited in oversight that we cannot credibly say … that there are adequate investor protections in place.”

The SEC’s approval, which covered applications for 11 bitcoin ETFs developed by firms such as BlackRock, Fidelity and Invesco, inspired a rush of hyperventilating from crypto enthusiasts, who described it as a “game-changer” for the asset class. But it didn’t quell concerns from other investment watchdogs such as Dennis Kelleher, the co-founder and chief executive of Better Markets, who called it “a grievous, historic mistake” that will suck unwary investors into “a worthless product.”

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Of the nation’s top investment management firms, almost all are offering clients opportunities to invest in bitcoin and other cryptocurrencies. Some are marketing these assets more aggressively than others.

Fidelity, which ranks third in assets under management, behind BlackRock and Vanguard, started offering employers sponsoring 401(k) plans for their workers a bitcoin investment option in 2022, only a few months before Sam Bankman-Fried’s crypto scam, FTX, cratered due to fraud. (A federal jury, it may be recalled, found Bankman-Fried guilty on seven fraud counts in November.)

Fidelity’s venture raised the hackles of Democratic Sens. Richard Durbin of Illinois and Elizabeth Warren of Massachusetts, who urged the firm to back away from its 401(k) option. Fidelity plainly didn’t do so, since it still promotes bitcoin for 401(k) plans on its website.

That brings us back to Vanguard. (I’m an investor in some of its funds; since it’s a mutual — owned by its fund shareholders — technically I’m an owner of the firm, albeit a minuscule one.)

To be fair, Vanguard doesn’t promise that it will never offer bitcoin investments: “We continuously evaluate our brokerage offer and evaluate new product entries to the market,” Vanguard spokeswoman Karyn Baldwin told me by email.

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But she made it plain that bitcoin ETFs will have a mountain to climb to show they belong with “asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”

All investment firms make a big deal about placing their clients’ interests front and center, but few were based on that principle to the extent of Vanguard.

The firm was founded in 1975 by the venerated John C. “Jack” Bogle. He built the firm around the concept of passive investing through index funds. Replicating the holdings of the major stock indexes, these funds trade relatively seldom because the components of the indexes rarely change.

That reduces commissions and other transaction costs such as taxes, which cut into clients’ returns. More important, such passive investments consistently do better than “active” fund managers, who trade frequently and pick their investment targets, hoping to capture a run-up in particular stocks or market categories.

Bogle was hostile to speculation, as opposed to investing, to the end of his life in 2019. In a 2012 book titled “The Clash of the Cultures,” he contrasted “the culture of long-term investing — the rock of the intellectual, the philosopher, and the historian — with the culture of short-term investing — the tool of the mathematician, the technician, and the alchemist.”

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He lamented “the gradual but relentless rise” of the latter, “characterized by frenzied activity in our financial markets, complex and exotic financial instruments,” which came to dominate a financial system “peppered as it is with self-interest and greed.”

If you think that would make him extremely leery of bitcoin, no kidding. At an investment conference in 2017, answering a question about bitcoin, he responded: “Avoid it like the plague. Do I make myself clear?”

He explained, “Bitcoin has no underlying rate of return…. There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it” — in other words, the “greater fool” theory.

It’s worth noting that such skepticism doesn’t always translate into a business decision to avoid the accursed investment. After all, Jamie Dimon, the chairman and CEO of JPMorgan Chase & Co., expressed similar doubts about bitcoin around the same time, calling it a “fraud … worse than tulip bulbs.”

Unlike Vanguard, however, JPMorgan hasn’t followed the instincts of its leader: The firm has been giving clients access to crypto funds at least since 2021.

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The roster of trendy investments that Vanguard has denied to its customers, almost invariably to their benefit, is a long one. A list compiled recently by Morningstar’s John Rekenthaler includes government-plus funds in the 1980s, internet funds in the late 1990s (“What artificial intelligence investing is today, internet funds were 25 years ago,” Rekenthaler wrote — fair warning) and “130/30 funds” of 2009 vintage, which held hedge fund-like portfolios mixing long and short positions, supposedly to goose returns without adding risk.

As Rekenthaler noted, all these ideas eventually “crashed and burned.” None was embraced by Vanguard, largely because every one ran counter to the interests of long-term investors.

Vanguard’s policy evidently has stuck in the craw of the crypto faithful. One claimed in a tweet that a Vanguard representative he reached “apologized profusely for management’s lack of vision, admitted they owned Bitcoin personally, and said that they’ve received literally thousands of calls from customers looking to move accounts.”

All we can say to that is: “Oh, sure.” Here’s a prediction, though: Vanguard, which has been around for nearly a half-century, will still be around long after crypto has been consigned to the investment craze graveyard, where it belongs.

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Snoopy is everywhere right now — from jewelry to pimple patches. Why?

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Snoopy is everywhere right now — from jewelry to pimple patches. Why?

As a child, Clara Spars, who grew up in Charles M. Schulz’s adoptive hometown of Santa Rosa, assumed that every city had life-size “Peanuts” statues dotting its streets.

After all, Spars saw the sculptures everywhere she went — in the Santa Rosa Plaza, at Montgomery Village, outside downtown’s Empire Cleaners. When she and her family inevitably left town and didn’t stumble upon Charlie Brown and his motley crew, she was perplexed.

Whatever void she felt then is long gone, since the beagle has become a pop culture darling, adorning all manner of merchandise — from pimple patches to luxury handbags. Spars herself is the proud owner of a Baggu x Peanuts earbuds case and is regularly gifted Snoopy apparel and accessories.

“It’s so funny to see him everywhere because I’m like, ‘Oh, finally!’” Spars said.

The spike in Snoopy products has been especially pronounced this year with the 75th anniversary of “Peanuts,” a.k.a. Snoopy’s 75th birthday. But the grip Snoopy currently has on pop culture and the retail industry runs deeper than anniversary buzz. According to Sony, which last week acquired majority ownership of the “Peanuts” franchise, the IP is worth half a billion dollars.

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To be clear, Snoopy has always been popular. Despite his owner being the “Peanuts” strip’s main character and the namesake for most of the franchise’s adaptations, Snoopy was inarguably its breakout star. He was the winner of a 2001 New York Times poll about readers’ favorite “Peanuts” characters, with 35% of the vote.

This year, the Charles M. Schulz Museum celebrated the 75th anniversary of the “Peanuts” comic strip’s debut.

(Brennan Spark / Charles M. Schulz Museum)

But the veritable Snoopymania possessing today’s consumers really exploded with the social media boom of the early 2010s, said Melissa Menta, senior vice president of global brand and communications for Peanuts Worldwide.

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That’s also when the company saw the first signs of uncharacteristically high brand engagement, Menta said. She largely attributed the success of “Peanuts” on social media to the comic strip’s suitability to visual platforms like Instagram.

“No one reads the comic strips in newspapers anymore,” Menta said, “but if you think about it, a four-panel comic strip, it’s actually an Instagram carousel.”

Then, in 2023, Peanuts Worldwide launched the campaign that made Snoopy truly viral.

That year, the brand partnered with the American Red Cross to create a graphic tee as a gift for blood donors. The shirt, which featured Snoopy’s alter ego Joe Cool and the message “Be Cool. Give Blood,” unexpectedly became internet-famous. In the first week of the collaboration, the Red Cross saw a 40% increase in donation appointments, with 75% of donors under the age of 34.

“People went crazy over it,” Menta said, and journalists started asking her, “Why?”

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Her answer? “Snoopy is cute and cool. He’s everything you want to be.”

Art of the Peanuts characters hangs at the Charles M. Schulz Museum and Research Center.

“Charles Schulz said the only goal he had in all that he created was to make people laugh, and I think he’s still doing that 75 years later,” Schulz Museum director Gina Huntsinger said.

(Brennan Spark / Charles M. Schulz Museum)

The Red Cross collaboration was so popular that Peanuts Worldwide brought it back this year, releasing four new shirt designs. Again, the Snoopy fandom — plus some Woodstock enthusiasts — responded, with 250,000 blood donation appointments made nationwide in the month after the collection’s launch.

In addition to the Red Cross partnership, Peanuts Worldwide this year has rolled out collaborations with all kinds of retailers, from luxury brands like Coach and Kith to mass-market powerhouses like Krispy Kreme and Starbucks. Menta said licensed product volume is greater than ever, estimating that the brand currently has more than 1,200 licensees in “almost every territory around the world,” which is approximately four times the number it had 40 years ago.

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Then again, at that time, Schulz enjoyed and regularly executed veto power when it came to product proposals, and licensing rules were laid out in what former Times staff writer Carla Lazzareschi called the “Bible.”

“The five-pound, 12-inch-by-18-inch binder given every new licensee establishes accepted poses for each character and painstakingly details their personalities,” Lazzareschi wrote in a 1987 Times story. “Snoopy, for example, is said to be an ‘extrovert beagle with a Walter Mitty complex.’ The guidelines cover even such matters as Snoopy’s grip on a tennis racquet.”

Although licensing has expanded greatly since then, Menta said she and her retail development associates “try hard not to just slap a character onto a T-shirt.” Their goal is to honor Schulz’s storytelling, she added, and with 18,000 “Peanuts” strips in the archive, licensees have plenty of material to pull from.

Rick Vargas, the senior vice president of merchandising and marketing at specialty retailer BoxLunch, said his team regularly returns to the Schulz archives to mine material that could resonate with customers.

“As long as you have a fresh look at what that IP has to offer, there’s always something to find. There’s always a new product to build,” Vargas said.

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Indeed, this has been one of BoxLunch’s strongest years in terms of sales of “Peanuts” products, and Snoopy merchandise specifically, the executive said.

Bejeweled keychains of Snoopy and Charlie Brown.

BaubleBar co-founder Daniella Yacobovsky said the brand’s “Peanuts” collaboration was one of its most beloved yet.

(BaubleBar)

Daniella Yacobovsky, co-founder of the celebrity-favorite accessory retailer BaubleBar, reported similar high sales for the brand’s recent “Peanuts” collection.

“Especially for people who are consistent BaubleBar fans, every time we introduce new character IP, there is this huge excitement from that fandom that we are bringing their favorite characters to life,” Yacobovsky said.

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The bestselling item in the collection, the Peanuts Friends Forever Charm Bracelet, sold out in one day. Plus, customers have reached out with new ideas for products linked to specific “Peanuts” storylines.

More recently, Peanuts Worldwide has focused on marketing to younger costumers in response to unprecedented brand engagement from Gen Z. In November, it launched a collaboration with Starface, whose cult-favorite pimple patches are a staple for teens and young adults. The Snoopy stickers have already sold out on Ulta.com, Starface founder Julie Schott said in an emailed statement, adding that the brand is fielding requests for restocks.

“We know it’s a certified hit when resale on Depop and EBay starts to spike,” Schott said.

The same thing happened in 2023, when a CVS plush of Snoopy in a puffer jacket (possibly the dog’s most internet-famous iteration to date) sold out in-store and started cropping up on EBay — for more than triple the original price.

The culprits were Gen-Zers fawning over how cute cozy Snoopy was, often on social media.

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Yellow and white pouches with Snoopy pimple patches.

“People who love Snoopy adore Snoopy, whether you grew up with ‘Peanuts’ or connect with Snoopy as a meme and cultural icon today,” said Starface founder Julie Schott.

(Starface World Inc.)

Hannah Guy Casey, senior director of brand and marketing at Peanuts Worldwide, said in 2024, the official Snoopy TikTok account gained 1.1 million followers, and attracted 85.4 million video views and 17.6 million engagements. This year, the account has gained another 1.2 million followers, and racked up 106.5 million video views and 23.2 million engagements.

Guy Casey noted that TikTok is where the brand experiences much of its engagement among Gen Z fans.

Indeed, the platform is a hot spot for fan-created Snoopy content, from memes featuring the puffer jacket to compilations of his most relatable moments. Several Snoopy fan accounts, including one dedicated to a music-loving Snoopy plushie, boast well over half a million followers.

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Caryn Iwakiri, a speech and language pathologist at Sunnyvale’s Lakewood Tech EQ Elementary School whose classroom is Snoopy-themed, recently took an impromptu trip to the Charles M. Schulz Museum in Santa Rosa after seeing its welcome center decked out with Snoopy decor on TikTok. Once she arrived, she realized the museum was celebrating the “Peanuts” 75th anniversary.

Two red construction-paper doghouses with Snoopy on each roof.

Last year, the Schulz Museum saw its highest-ever attendance, driven in large part by its increased visibility on social media.

(Brennan Spark / Charles M. Schulz Museum)

It’s a familiar story for Schulz Museum director Gina Huntsinger.

“Last December, we were packed, and I was at the front talking to people, and I just randomly asked this group, ‘Why are you here?’”

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It turned out that the friends had traveled from Washington, D.C., and Las Vegas to meet in Santa Rosa and visit the museum after seeing it on TikTok.

According to Stephanie King, marketing director at the Schulz Museum, the establishment is experiencing its highest-ever admissions since opening in 2002. In the 2024–2025 season, the museum increased its attendance by nearly 45% from the previous year.

Huntsinger said she’s enjoyed watching young visitors experience the museum in new ways.

In the museum’s education room, where visitors typically trace characters from the original Schulz comics or fill out “Peanuts” coloring pages, Gen Z museumgoers are sketching pop culture renditions of Snoopy — Snoopy as rock band Pierce the Veil, Snoopy as pop star Charli XCX.

“When our social media team puts them up [online], there’s these comments among this generation that gets this, and they’re having conversations about it,” Huntsinger said. “It’s dynamic, it’s fun, it’s creative. It makes me feel like there’s hope in the world.”

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A white wall with "Passport to Peanuts" art.

The Schulz Museum’s “Passport to Peanuts” exhibition emphasizes the comic’s global reach.

(Brennan Spark / Charles M. Schulz Museum)

Laurel Roxas felt similarly when they first discovered “Peanuts” as a kid while playing the “Snoopy vs. the Red Baron” video game on their PlayStation Portable. For Roxas, who is Filipino, it was Snoopy and not the “Peanuts” children who resonated most.

“Nobody was Asian. I was like, ‘Oh, I’m not even in the story,’” they said.

Because Snoopy was so simply drawn, Roxas added, he was easy to project onto. They felt similarly about Hello Kitty; with little identifying features or dialogue of their own, the characters were blank canvases for their own personification.

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Roxas visited Snoopy Museum Tokyo with their brother last year. They purchased so much Snoopy merchandise — “everything I could get my hands on” — that they had to buy additional luggage to bring it home.

For some Snoopy enthusiasts, the high volume of Snoopy products borders on oversaturation, threatening to cheapen the spirit of the character.

Growing up, Bella Shingledecker loved the holiday season because it meant that the “Peanuts” animated specials would be back on the air. It was that sense of impermanence, she believes, that made the films special.

Now, when she sees stacks of Snoopy cookie jars or other trend-driven products at big-box stores like T.J. Maxx, it strikes her as a bit sad.

“It just feels very unwanted,” she said. For those who buy such objects, she said she can’t help but wonder, “Will this pass your aesthetic test next year?”

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Lina Jeong, for one, isn’t worried that Snoopy’s star will fade.

Sketches of the "Peanuts" characters.

“[Snoopy is] always able to show what he feels, but it’s never through words, and I think there’s something really poetic in that,” said Lina Jeong.

(Brennan Spark / Charles M. Schulz Museum)

Jeong’s affinity for the whimsical beagle was passed down to her from her parents, who furnished their home with commemorative “Peanuts” coffee table books. But she fell in love with Snoopy the first time she saw “Be My Valentine, Charlie Brown,” which she rewatches every Valentine’s Day.

This past year, she was fresh out of a relationship when the holiday rolled around and she found herself tearing up during scenes of Snoopy making Valentine’s crafts for his friends.

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“Maybe I was hyper-emotional from everything that had happened, but I remember being so struck,” that the special celebrated platonic love over romantic love, Jeong said.

It was a great comfort to her at the time, she said, and she knows many others have felt that same solace from “Peanuts” media — especially from its dear dog.

“Snoopy is such a cultural pillar that I feel like fads can’t just wash it off,” she said.

Soon, she added, she plans to move those “Peanuts” coffee table books into her own apartment in L.A.

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Fight between Waymo and Santa Monica goes to court

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Fight between Waymo and Santa Monica goes to court

Waymo is taking the city of Santa Monica to court after the city ordered the company to cease charging its autonomous vehicles at two facilities overnight, claiming the lights and beeping at the lots were a nuisance to residents.

The two charging stations at the intersection of Euclid Street and Broadway have been a sour point for neighbors since they began operating roughly a year ago. Some residents have told The Times they’ve been unable to sleep because of the incessant beeping from Waymos maneuvering in and out of charging spots on the lot 24 hours a day.

Last month, the city ordered Waymo and the company that operates the charging stations, Voltera, to stop overnight operations at the sites, arguing that the light, noise and activity there constitute a public nuisance. Instead of complying, Waymo has turned around and filed a suit against the city, asking the court to intervene.

“Waymo’s activities at the Broadway Facilities do not constitute a public nuisance,” the company argued in its complaint, filed Wednesday in Los Angeles County Superior Court. “Waymo faces imminent and irreparable harm to its operations, employees, and customers.”

A spokesperson for the city did not immediately respond to a request for comment.

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According to the suit, the city was aware that the Voltera charging facilities were to operate and maintain a commercial electric vehicle fleet 24 hours a day, and the city approved its use when it approved the permits for the stations.

The rift between the company and some Santa Monica residents began as soon as the vehicles began utilizing the 24-hour charging stations, which have overnight staffing, lights and cars beeping as they reverse in and out of parking spots. Tensions got so bad that some residents took to blocking the path of the driverless vehicles, blocking the driveways into the charging stations, and placing orange cones in the area to hinder their routes and create backups, a practice several have called “stacking the Waymos.”

Meanwhile, employees at the charging stations have called police several times as a result, although no arrests have been made. Waymo also unsuccessfully attempted to obtain a temporary restraining order against one resident who had allegedly repeatedly blocked the vehicles.

On Nov. 19, the city ordered Waymo to stop charging its autonomous cars at the two lots overnight or face the possibility of legal action. Waymo declined and instead sued the city last week after negotiations with the city on mitigation measures to the lots fell apart.

According to the lawsuit, Waymo and Voltera representatives reached out to the city after the Nov. 19 order, looking for ways to mitigate the noise and lights from the lots, including initiating a software update that would change the vehicles’ path to the charging stations. But after a meeting on Dec. 15 with the city, no agreement was reached, the company said in its complaint.

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“We are disappointed that the City has chosen an adversarial path over a collaborative one,” a spokesperson for Waymo said in a statement.

“The City’s position has been to insist that no actions taken or proposed by Waymo would satisfy the complaining neighbors and therefore must be deemed insufficient.”

The company also blasted the city’s handling of the dispute, arguing that despite facing a budget crisis, city officials have adopted a contentious strategy against business.

“The City of Santa Monica’s recent actions are inconsistent with its stated goal of attracting investment,” the company said in a statement. “At a time when the City faces a serious fiscal crisis, officials are choosing to obstruct properly permitted investment rather than fostering a ‘ready for business’ environment.”

The lawsuit is just the latest legal battle for the Alphabet-owned company, which has been rapidly expanding across California, making the white, driverless vehicles more commonplace.

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Two years ago, the company was sued by the city of San Francisco, which argued that the California Public Utilities Commission shouldn’t have handed Waymo permits to expand and operate in the city, and that the regulatory agency had abdicated its responsibilities.

The California 1st District Court of Appeal disagreed, and ruled against the city.

This past June, Waymo announced it would expand its service area to 120 square miles in Los Angeles County, with Waymos operating in Playa del Rey, Ladera Heights, Echo Park, Silver Lake and Hollywood.

In November the company launched its ride-hailing service to now operate across Los Angeles County freeways, as well as in the San Francisco Bay and Phoenix.

Since it launched in Santa Monica, the company argues it has done more than a million trips in the city and in November alone, recorded more than 50,000 rides starting or ending there.

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“The [charging] site has enabled Waymo to provide a safe, sustainable and accessible transportation option to city residents,” Waymo said in the statement.

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Video: Uber Clears Violent Felons to Drive

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Video: Uber Clears Violent Felons to Drive

new video loaded: Uber Clears Violent Felons to Drive

Our reporter, Emily Steel, found that in many states, Uber’s guidelines allow people with serious criminal convictions to drive, as long as those convictions are more than seven years old. Some of those drivers have gone on to sexually assault or harass passengers.

By Emily Steel, Christina Shaman, Zach Caldwell, David Jouppi and Thomas Trudeau

December 22, 2025

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