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What to know about Trump's plans for a 'Strategic Bitcoin Reserve'

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What to know about Trump's plans for a 'Strategic Bitcoin Reserve'

President Trump on Thursday signed an executive order to establish a “Strategic Bitcoin Reserve” and a stockpile of U.S. digital assets.

The move came after Trump’s proposal for a crypto reserve sparked unexpected blowback from tech leaders because he initially said over the weekend that digital assets other than bitcoin would also be part of the reserve. Trump’s administration then made a distinction between the reserve and a separate stockpile.

Trump, who vowed to be America’s “first crypto president,” has struck a friendly tone toward an industry that backed him during his presidential campaign.

In January, he signed an executive order to support digital financial technology. And the U.S. Securities and Exchange Commission has dropped lawsuits against cryptocurrency exchanges Coinbase and Kraken and paused a civil fraud case against crypto entrepreneur Justin Sun, who praised Trump and invested in his crypto ventures.

The White House’s first-ever crypto summit is scheduled for Friday.

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Here’s what to know:

What is a crypto reserve?

The Trump administration describes the creation of a national stockpile of digital assets, potentially including cryptocurrencies the federal government lawfully seized from criminals, in a January executive order. Trump also touted the idea of a bitcoin reserve during his presidential campaign.

On March 2, Trump said in a Truth Social post that the reserve would include cryptocurrencies XRP, solana, cardano and ether as well as bitcoin. The U.S. government holds an estimated $17 billion worth of bitcoin but has also seized other cryptocurrencies, data from Arkham Intelligence shows.

The Trump administration then said Thursday that the president is establishing a strategic bitcoin reserve and a stockpile of U.S. digital assets.

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In the past, the U.S. has created reserves for valuable resources such as petroleum, helium and medical supplies, allowing the government to tap into these emergency supplies during times of crisis such as a national disaster or a war. The U.S. Treasury also stashes away gold, an asset considered a hedge against inflation because its value has historically increased.

“This is an odd thing for Republicans to be proposing, because it’s got the government intervening in the economy to provide [a] service to the public that the public can provide for themselves,” said Larry Harris, a professor of finance and business economics at the USC Marshall School of Business.

Why does Trump want a crypto reserve?

Trump said in his Truth Social post the reserve would “elevate” the cryptocurrency industry “after years of corrupt attacks by the Biden Administration” and is part of efforts to make the U.S. the “crypto capital of the world.”

Because the cryptocurrency industry poured hundreds of millions of dollars into backing Trump and other congressional candidates, some critics question whether Trump is just trying to reward his campaign supporters or himself. Trump and his wife, Melania, launched separate meme coins and his family has ties to a crypto venture called World Liberty Financial, sparking concerns about potential conflicts of interest.

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White House AI and crypto czar David Sacks, who co-founded venture capital firm Craft Ventures and worked at companies such as PayPal, also faced allegations of conflicts of interest. He pushed back against the claims on X, stating that he sold all his cryptocurrency, including bitcoin, ether and solana, before he joined Trump’s administration.

Wyoming Republican Sen. Cynthia Lummis introduced a federal bill to create a bitcoin reserve, noting that holding the digital asset could provide a “hedge against economic uncertainty and monetary instability.”

Such a reserve would require congressional support. But financial experts say a crypto reserve is risky because digital assets such as bitcoin are notoriously volatile, swinging in value.

“There’s no question that there will be crashes. So how can it possibly make any sense for the government to associate itself with something that’s going to die, that’s going to crash, even if it comes back again afterwards?” Harris said.

How did tech leaders and crypto enthusiasts initially react to the idea?

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Earlier this week, tech leaders and even cryptocurrency executives who backed Trump expressed skepticism about the creation of a reserve that includes tokens other than bitcoin. After Trump mentioned specific tokens in his reserve announcement, the prices for bitcoin, XRP, solana and other cryptocurrencies spiked, only to fall back down.

“It is picking a winner technology-wise. And the problem is we’re not really even in the first inning of that battle,” said Gene Hoffman, chief executive of Chia Network, a blockchain technology company based in South San Francisco.

Some bitcoin supporters want to see the federal government treat the cryptocurrency like gold, but there’s another group of people who “frankly bought access to the White House,” Hoffman said.

Ripple, which has ties to XRP and holds the digital asset, pointed to remarks from its chief executive, Brad Garlinghouse, who said he was “Glad to see POTUS recognizing we live in a multichain world.”

Redwan Meslem, executive director of the Enterprise Ethereum Alliance, said in a statement that the “crypto industry naturally fosters debate about different technological visions” and the group embraces this “diversity of thought.” He said that the group was pleased Trump included ether in his announcement and that the “market has already recognized Ethereum’s maturity.”

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Tyler Winklevoss, who co-founded cryptocurrency exchange Gemini, said on X he thinks only bitcoin is suitable for the reserve.

Brian Armstrong, CEO of the cryptocurrency platform Coinbase, said on X that a bitcoin reserve is the “best option” but also suggested “a market cap weighted index of crypto assets” for people who wanted more variety in the reserve.

Some tech leaders initially opposed the idea for different reasons.

Venture capitalist Joe Lonsdale, who co-founded Palantir Technologies and is a Trump supporter, said on X: “It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes.”

The Trump administration addressed some of the concerns in its executive order.

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Will taxpayer dollars fund the reserve and the digital asset stockpile?

Sacks said in a Thursday post on X that the reserve “will not cost taxpayers a dime” because it includes bitcoin that the federal government already owns. The cryptocurrency was forfeited as part of criminal or civil asset proceedings.

“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value,” he said in the post.

The separate U.S. digital asset stockpile will include cryptocurrencies other than bitcoin that have also been forfeited in criminal or civil proceedings.

“The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings. The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department,” he said in the post.

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The White House didn’t immediately respond to a request for comment.

What happens next?

The White House is hosting its crypto summit on Friday, and executives from Ripple, Gemini, Robinhood, Kraken, Coinbase, World Liberty Financial and other companies are expected to attend. More information about the reserve idea is expected to be revealed then.

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In a first for the country, voters in Monterey Park ban data centers

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In a first for the country, voters in Monterey Park ban data centers

Residents of Monterey Park voted overwhelmingly to ban data centers on election day, making the San Gabriel Valley city the first in the nation to do so by public vote.

As of Wednesday, 86% of votes were in favor of Measure NDC, the city ban, according to the Los Angeles County registrar-recorder/county clerk.

Other cities and towns have passed moratoriums on data centers, as a wave of opposition sweeps the country. But the Monterey Park vote can only be overturned by another ballot measure, making it the most permanent data center ban in a jurisdiction.

Monterey Park’s City Council had already banned data centers by ordinance, after a proposed 247,000-square-foot data center met an outpouring of public anger and concern. The developer withdrew that plan.

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That facility would have been less than 500 feet away from the nearest home, and would have used three times the electricity of the entire 60,000-person city. Residents said it would have caused noise and air pollution and driven up electricity rates.

“This ensures long-lasting protections for current and future generations,” Amy Wong, co-founder of the group San Gabriel Valley Progressive Action, said of the vote. “It means that future city councils cannot overturn a data center ban, even if data center developers wanted to spend money to fund pro-data center candidates.”

The measure had no formal opposition. The developer of the proposed facility, investment firm HMC StratCap, said it wouldn’t engage in the ballot fight when it withdrew in March.

The Data Center Coalition, an industry trade group, expressed disappointment in the vote.

“It sends a signal that the area is closed for business, both for data centers and for other significant economic development projects,” state policy director Khara Boender said.

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“It deprives local residents of the opportunity to compete for jobs and investment, while also causing the area to relinquish substantial long-term economic investment, high-wage jobs, and critical tax revenue to neighboring areas or other states.”

SGV Progressive Action worked with hyperlocal groups including No Data Center Monterey Park to rally support for the measure.

The group is now focused on stopping data center proposals in the City of Industry and fighting a move by City of Industry, Santa Fe Springs, Vernon and City of Commerce to welcome data centers and other industry with fast-tracked permitting and tax incentives.

City of Industry, in the San Gabriel Valley, and Vernon, south of downtown L.A., are primarily industrial areas, each with around 300 permanent residents. They are employment centers, and tens of thousands of workers commute in daily.

There has been little vocal opposition to data centers among the few residents of these cities. Wong said the protest is primarily coming from the surrounding neighborhoods.

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“If a data center gets built in City of Industry, residents across the region would bear the brunt of pollution and increased utility costs,” Wong said, noting that it is surrounded by 16 other cities and unincorporated communities.

Data center proposals have been limited in California compared to Virginia, Texas, Georgia, Illinois and Arizona, which sit at the center of a recent boom in hyperscaler facilities to power artificial intelligence.

California has the third-most data centers in the country, with 300, but high electricity rates, expensive land and regulatory hurdles mean that fewer, and smaller, facilities are currently planned than in other hotspots.

That doesn’t mean opposition hasn’t been fierce. In Coachella and Imperial County, residents are showing up in droves to protest local proposals.

In the San Gabriel Valley, Montebello, El Monte and Baldwin Park have all enacted temporary moratoriums, and Alhambra recently banned data centers as part of a zoning code update.

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Wong said she hoped the ballot measure vote would galvanize the opposition. “The vote is a testament to the people power of our region,” she said. “Our region is worth protecting, and we won’t let data centers determine our future.”

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Rent-hike ban to protect fire victims ends despite gouging concerns

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Rent-hike ban to protect fire victims ends despite gouging concerns

A rule intended to prevent rent gouging in the wake of the Eaton and Palisades fires has lapsed in Los Angeles County, possibly exposing some renters to hikes.

The executive order that blocked rent increases was issued by Gov. Gavin Newsom amid the devastating wildfires last year. Under the order, landlords couldn’t increase rents by more than 10% above their prefire levels.

The rule, which was supposed to be temporary and was repeatedly extended, ended Friday after a vote to extend it again failed to garner enough votes. Supervisor Lindsey Horvath, whose district includes Pacific Palisades, sounded the alarm in a motion to extend price protections that failed to pass at the Board of Supervisors’ May 19 meeting.

“These price gouging protections continue to be necessary as construction and rebuilding continue, and as thousands of people remain displaced,” the motion said. “Families which signed short-term leases could face drastic price increases of 50% or more without further price gouging protection.”

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Los Angeles County is home to more than 1 million rental properties, though not all of them needed protection from the new rule. There are already stricter rent increase caps for many residences, depending on the location, type and age of the building. Despite the rent control in the region, the people of Los Angeles pay among the highest rents in the country.

It is uncertain whether renters will face rapidly rising rents now that the protection has lapsed. But some real estate experts and policymakers said there was no need for the temporary rule that was part of the governor’s state of emergency.

Supervisors Kathryn Barger, Janice Hahn and Holly Mitchell abstained from voting on the motion to extend the protection, while Supervisors Hilda Solis and Horvath supported it.

“I abstained because I did not see sufficient evidence to justify extending this emergency ordinance, nor did I see evidence to eliminate it entirely,” Hahn said.

Barger’s office said she supported allowing the protections to sunset while waiting to see whether new information emerged.

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“Market data already shows countywide rents are only about 2% above pre-emergency levels and rental inventory has grown,” Barger representative Helen E. Chavez Garcia said. “The Supervisor is also mindful of the burden these ongoing protections place on small property owners throughout the county.”

Mitchell did not immediately respond to a request for comment.

There haven’t been steep rent hikes in neighborhoods within three miles of the Palisades fire, according to a Times analysis of data from Zillow, the property listing company.

In ZIP Codes within three miles of the Palisades fire, rent increased 4.8% from December 2024 to April 2025. In areas around the Eaton fire, which destroyed swaths of Altadena, rent jumped 5.2% in the same period.

In L.A. County, ZIP Codes farther from the fires saw only about a 2% increase.

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A landlords representative, Jesus Rojas of the Apartment Owners Assn. of Greater Los Angeles, told the supervisors during public comment at the meeting that the county’s rent-gouging rules have “long outlived the emergency they were intended to address” and are now being “wrongfully used to harm thousands of rental housing providers throughout the county.”

“There is no proof that multifamily rental housing providers are hugely increasing rents for impacted homeowners,” Rojas said.

Indeed, there are strong signs that the property market in the Los Angeles area has at last begun to cool.

L.A. metro-area rent prices recently fell to a four-year low, with the median rent slipping to $2,167 in December.

Meanwhile, condominium sales had their slowest start of the year in decades. Condo sales in Los Angeles have plummeted to a 20-year low, with fewer than 2,000 units sold in January and February — the worst start to the year since 2005.

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Newsom defended the price-gouging protections shortly after they went into effect.

“In the days following the Los Angeles firestorms, we worked quickly to protect Los Angeles survivors from any form of exploitation,” he said in February 2025. “The state has the tools in place to not only block price gouging during this emergency, but also to prosecute bad actors.”

The Los Angeles County Department of Consumer and Business Affairs said it received more than 2,000 complaints after the fires, alleging that retailers and landlords were taking advantage of people put in hardship by their losses, and sent out more than 2,000 cease-and-desist letters to businesses and landlords for alleged price gouging, said Morine Merritt, who oversees department investigations into consumer and real estate fraud.

“Close to 90% of the complaints that we received involved allegations of rent increases,” Merritt said in an interview. Now that the fire-related protections have expired, existing laws and “regular market conditions determine price increases for goods and services, including rents,” she said.

Crackdowns on fire-related rent gouging have been rare, said Chelsea Kirk of the activist organization the Rent Brigade, which analyzed L.A. County’s rental market in the year after the fires. It reported 18,360 potential examples of price gouging in listings but said that few lawsuits had been filed by authorities so far.

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Last week, Rent Brigade announced what it said was the first private civil lawsuit brought by a family that claimed to be rent-gouged in the aftermath of the wildfires. Plaintiffs Randall and Candy Renick, whose Altadena home was damaged, said they were charged nearly three times the maximum permitted rate for nearly 10 months. They seek restitution of $96,000 plus civil penalties and attorneys’ fees.

The rental market has probably stabilized since the fires, Kirk said, but other families may still be “locked into illegal rents” that they agreed to pay when they were in a rush to find housing after they were displaced.

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Read Nick Bilton’s Letter to Scott Pelley

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Read Nick Bilton’s Letter to Scott Pelley

Dear Mr. Pelley:

I meant what I said in my letter last week to the 60 Minutes team: joining 60 Minutes is the honor of my career and I am grateful to be working alongside the people who have contributed to the most important television journalism brand this country has ever produced. While I’m new to 60 Minutes, I’ve devoted my career to investigative journalism and storytelling. I started this job excited to collaborate and to benefit from the wisdom and experience of the 60 Minutes veterans, with you among them. For that reason, one of the first things I did in my new role was call you to talk and invite you to dinner. It is a profound disappointment that you rejected that overture and chose ambush instead. Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt. I welcome a diversity of viewpoints and respectful debate among the team, but this was nothing of the sort. Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation-demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress. I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.

Despite yesterday’s misconduct, I had hoped that in sitting down with you today we could find a path forward together. You made clear that you are not interested in such a path.

Your antipathy to the future of the show has come through loud and clear. And I have heard you. I therefore write on behalf of CBS News, Inc. (“CBS”) to inform you that your employment with CBS is terminated for cause effective immediately. Enclosed is your formal termination letter.

Sincerely,

Nick Bilton

Executive Producer, 60 Minutes

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