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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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Fire-damaged Pacific Palisades shopping center sets reopening date

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Fire-damaged Pacific Palisades shopping center sets reopening date

The luxury shopping center in Pacific Palisades will reopen next month after more than $100 million in renovations forced by the January 2025 wildfire that devastated the Los Angeles neighborhood.

Palisades Village will reopen Aug. 15, owner Rick Caruso announced Wednesday. The outdoor center survived the blaze that destroyed homes and other businesses but needed refurbishment to eliminate contaminants that the fire could have spread.

Crews are putting finishing touches on mall buildings after tearing them down to the studs, treating the wood and rebuilding the walls, Caruso said.

“Everybody’s working, and stores are moving their products in,” he said. “It’s a really cool feeling that people have really locked arms and are working together.”

An electrician installs lighting for a restaurant at Rick Caruso’s Palisades Village on Thursday. The shopping center is scheduled to reopen mid-August.

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(Myung J. Chun / Los Angeles Times)

Pacific Palisades resident Allison Polhill, who is rebuilding the home of 30 years that her family lost in the blaze, said she is “thrilled” at the prospect of returning to the mall she used to frequent. Its comeback is a boost for the community, she said.

“Every single step that we make to reopen our commercial corridors is going to bring more people back into the Palisades,” said Polhill, who expects to move back into her home at the end of August.

A total of 6,822 structures were destroyed in the Palisades fire, including more than 5,500 residences and 100 commercial businesses, according to the California Department of Forestry and Fire Protection.

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Caruso previously attributed the mall’s survival to the hard work of private firefighters and the fire-resistant materials used in the mall’s construction.

The $200-million shopping and dining center opened in 2018 with a movie theater and a roster of upmarket tenants, including Erewhon, which may be the only grocer in the heart of the fire-ravaged neighborhood when it opens.

Caruso’s company was able to fill the mall with tenants despite the long shutdown.

Palisades Village is 99% leased, with the majority of tenants returning, said Jackie Levy, chief financial and revenue officer. Nearly one-third of the shops and restaurants are new to the property.

A firefighter carries a hose back to his rig while walking through a destroyed home in Pacific Palisades.

A firefighter carries a hose back to his rig while walking through a destroyed home from the Palisades fire in Pacific Palisades on Jan. 7, 2025.

(Genaro Molina / Los Angeles Times)

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Last year, Pacific Palisades-based fashion designer Elyse Walker said she would reopen her eponymous store in Palisades Village after losing her 25-year flagship location on Antioch Street to the inferno.

Other neighborhood shops destroyed in the fire that are reopening at the mall include K Bakery and Loomey’s Toys, which caters to children up to age 12 and used to be across the street from Palisades Elementary Charter School.

“It’s been a journey and I’m excited because I wasn’t sure that there was going to be a place to come back to,” said toy store owner Amanda Rastegar. “Hopefully we can bring some of that magic back.”

Rastegar’s home in the Palisades survived but was damaged by the fire. The family returned about eight weeks ago. Her last memory of the fire was a burning supermarket.

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“I just couldn’t wrap my brain around what was happening,” she said. “By the time I left, Gelson’s was on fire.”

Among the returning tenants is Angelini Ristorante & Bar. Well-known Los Angeles chef Gino Angelini said he will be in the kitchen next month for a return of the Italian restaurant.

“We won’t do a big celebrity open,” he said. “We want to have a very soft opening and see our customers come back.”

Construction takes place at Rick Caruso's Palisades Village

Construction takes place at Rick Caruso’s Palisades Village on Thursday. The shopping center is scheduled to reopen mid-August.

(Myung J. Chun / Los Angeles Times)

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An elaborate celebration would not feel “correct for me,” Angelini said, because the devastation has been “very sad” for so many.

Other new tenants include local chef Nancy Silverton, who has agreed to move in with a new Italian steakhouse called Spacca Tutto. Women’s activewear retailer LESET will open its first West Coast location.

Caruso said he is optimistic that customers will return to the center, even though many Pacific Palisades residents are still dispersed. One tracking system estimated that about 30% of the Village’s customer base was impacted by the fire, he said.

“That means 70% did not get impacted, so there’s a lot of customers still left out there,” Caruso said. Historically, the center drew customers from as far away as Beverly Hills and Calabasas, as well as Malibu, Brentwood and Santa Monica.

He also hopes many will be inspired to visit the revived mall.

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“I believe in the goodness of people and I believe that people are going to want to support the Palisades,” he said. “They’re going to want to be there and support the businesses that have had the courage and the heart to reopen.”

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Walmart’s EV chargers are coming to California with discounts for members

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Walmart’s EV chargers are coming to California with discounts for members

Walmart is rapidly expanding its network of electric vehicle chargers designed for customers to use while they shop.

The network could help fill gaps in EV infrastructure in states with greater need for chargers. Walmart, which has more than 5,000 locations in the U.S. and hundreds in California, says more than 90% of Americans live within 10 miles of one of its stores.

The chargers also offer an incentive for customers to choose Walmart — Walmart Plus members will receive a 10% discount off an average price of $0.46 per kilowatt-hour of energy at the company’s chargers.

Walmart chargers are already available at more than 75 locations in 17 states, with Texas boasting the most charging stations, followed by Florida and Arizona.

Matthew Nelson, Walmart’s director of energy policy, said last week on LinkedIn that the network will soon reach 29 states, including California.

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“We are delivering on the promise of affordable, reliable and convenient charging,” Nelson said in his post.

According to Walmart’s website, six charging stations are coming to California soon, though the company did not offer a specific timeline.

The chargers will be installed at stores in Antelope, Brea, Fresno, Stockton, Suisun City and Vallejo.

Most charging sites in California will include eight to 16 fast-charging stalls, said Walmart spokesperson Kelsey Bohl.

The company first announced plans in April 2023 to install its own EV chargers at Walmart and Sam’s Club stores, with a goal of installing thousands of chargers by 2030. Partnering with ABB E-Mobility and Alpitronic, it added 25 new charging sites this past May and six more in June.

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“Walmart is building a leading retail-integrated EV fast-charging network, focused on delivering an affordable, reliable and convenient charging experience where customers already shop,” Bohl said in an emailed statement. “Customers can charge while they shop, access stations through the Walmart app they already use, and benefit from affordable pricing.”

The charging stations already available include 612 individual charging stalls using 400-kilowatt chargers. Each stall has a dual charging cord with both Combined Charging System and North American Charging Standard connectors. The standard connectors, designed by Tesla, are smaller and lighter than the combined systems.

The primary way to pay for the chargers is through the Walmart app, but the company is also experimenting with built-in credit card readers to allow those without the app to use the stations.

Customers can check charger availability on the Walmart app. The company said the chargers will be available 24 hours a day.

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Waymo reports teen riders for bad behavior and delivers them to the police

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Waymo reports teen riders for bad behavior and delivers them to the police

Robotaxis could be turning into robocops.

A self-driving Waymo reported two teens to San Mateo, Calif., police on Monday after they were found drinking alcohol and shooting toy guns in the back of the vehicle.

According to a social media post from the San Mateo Police Department, officers detained two 15-year-olds after the Waymo they were riding in contacted the department and stopped in a parking lot until law enforcement arrived.

“Parents do you know where your teens are?” the San Mateo Police Department wrote on Facebook following the incident. “Waymo does!”

Officers removed both teens from the vehicle and determined they were using toy guns to shoot Orbeez out the windows. Orbeez are small, water-absorbing beads sold at toy stores.

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“Toy guns, water guns, and BB guns all pose real dangers, especially to an untrained eye,” the Police Department said. “The simple handling of them can cause fear in [passersby].” “

A video posted on Facebook shows at least five officers and a police dog responding to the scene and approaching the Waymo with their weapons raised.

Waymo did not immediately respond to a request for comment.

Waymo vehicles have internal cameras and microphones that may be used in an emergency or to “promote safety and security,” according to Waymo’s online support page.

The cameras are also used to ensure the vehicles are clean and to help find lost items, according to the support page.

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The company said it does not use facial recognition or other biometric identification technologies to identify individuals.

“In more urgent circumstances, support may access live video during a trip,” the Waymo page said.

The San Mateo Police Department’s Facebook post has garnered nearly 60 comments, with one user accusing Waymo of “snitching.”

“At least they got a designated driver?!” one user commented.

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