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Trump’s crypto embrace overshadows new EU digital assets rules

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Trump’s crypto embrace overshadows new EU digital assets rules

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Donald Trump’s embrace of cryptocurrencies risks undermining Europe’s incoming rules on digital assets as companies overlook the continent in favour of a friendlier US market, industry executives have warned.

Companies such as Binance, the world’s largest cryptocurrency exchange, have indicated they will look to refocus their attention on the US after Trump promised to make the country “the crypto capital of the planet”.

Top executives and analysts say a crypto-friendly White House will exert a strong pull that compares favourably to the European Union’s new landmark rules, which come into force from December 30.

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The bloc’s rules, known as the Markets in Crypto-Assets Regulation (MiCA), will set guardrails for the public following the collapse of companies like exchange FTX and lenders including Genesis and Celsius. The standards have in the past been praised by the industry as a potential benchmark for global crypto asset regulation.

“In the previous US administration . . . MiCA certainly seemed like it was a good way of trying to think about the crypto industry without completely killing off innovation,” said Eswar Prasad, senior fellow at the Brookings Institution. 

But in the wake of Trump’s win, “we’re going to see a migration of crypto-related activities away from Europe in any form because things are going to be much easier in the US,” he added. “[MiCA] is going to be seen as very stringent.”

Trump’s victory has helped propel bitcoin to a record high of $108,000 this year, more than double its price a year ago. Retail and institutional investors have warmed to Trump’s pledge that he will end the US’s tough regulatory crackdown of recent years.

He has also nominated Paul Atkins, a crypto advocate, to head the Securities and Exchange Commission, and appointed David Sacks, a venture capitalist, to advise the president on crypto and AI policy. “We’re going to do something great with crypto,” he said last week.

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The EU’s MiCA rules will regulate the issuance of crypto coins including stablecoins, as well as digital asset services like custody and trading by demanding that companies providing those services are authorised in the EU.

Yulia Makarova, special counsel at law firm Cooley, said complying with MiCA “increases the costs for start-up firms” in particular. “Ongoing compliance costs can be such that the business gets to the brink of viability,” she added, warning that crypto start-ups may choose to launch in the US rather than the EU.

Some companies, such as US cryptocurrency exchange Coinbase and Circle, operator of the stablecoin USDC, have secured their EU licences. However others, such as Tether, the world’s largest stablecoin, will not be compliant with the new rules and are being delisted by local regulated exchanges.

“The new administration might take a bit of shine and a bit of edge off MiCA,” said Denzel Walters, head of Luxembourg at market maker B2C2. “But I still think MiCA here presents a really great opportunity for the digital assets market,” he added.

Executives are betting that Trump, as well as a new cohort of pro-crypto politicians in Washington, will also make headway with new legislation for crypto assets, which will in turn pave the way for traditional financial institutions to plough money into crypto.

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Already, crypto companies that dropped US services for fear of being hit by regulators, or were banned, are planning to return. “We are closer than ever to restoring US dollar services and our plan is to achieve this important milestone in early 2025,” said Norman Reed, interim chief executive of crypto exchange Binance US. “It is not a matter of if, but when,” he added.

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

Now-former Democratic Senate candidate Graham Platner speaks at his primary election night event on June 9 in Blue Hill, Maine. Platner officially dropped out of the race July 10 following rape allegations from a former romantic partner that he denies.

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Graham Platner, Maine’s Democratic nominee for Senate, is officially out of the race.

The Maine Secretary of State said Platner filed the necessary paperwork to withdraw his candidacy two days after he announced he planned to do so following an accusation of rape by a former romantic partner. Platner denies the allegation.

The Maine Democratic Party has until July 27 to pick Platner’s replacement.

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In his withdrawal notice, Platner said “people are desperate for change” and that’s why they voted “for a new kind of politics” by making him the Democratic nominee. He expressed gratitude for those who supported his campaign and said that he will continue to fight for “the movement we have built together and the future we believe in.”

He ended his notice with a strong statement aligned with the progressive platform.

“F*ck ICE. Free Palestine. Up the Hearts.”

Platner announced his plan to withdraw from the race in an 11-minute video he posted to social media on July 8. He said he had no choice but to suspend his campaign, citing it was no longer viable financially.

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“We are going to lose our ability to fundraise. We are going to lose our ability to access voter data. We are going to lose all of the things that any campaign needs on the basic level simply to function,” he said.

Platner added that dropping out was not an admission of guilt. Rather, the decision, he said, is to keep the progressive movement in Maine alive to defeat Republican Sen. Susan Collins in November. Platner blamed the “political establishment” for his downfall and argued the goal was to force him out of the race.

“We built a campaign. We engaged in electoral politics. We motivated people. We banded together. We did it the way that we were told we are supposed to make change and we won. And now they are not going to let us have it. Not if it’s me,” he said.

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Waymo called the cops on teen riders, raising privacy concerns

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Waymo called the cops on teen riders, raising privacy concerns

A Waymo robotaxi drives in San Francisco’s North Beach neighborhood this week.

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Police in San Mateo, Calif., posted Monday on social media that they had apprehended a pair of teenagers from a Waymo driverless robotaxi after the company alerted authorities to suspected criminal activity. It’s the latest incident involving video surveillance of passengers and others by autonomous vehicles — raising questions about the limits of privacy in such vehicles.

The Facebook post by the San Mateo County Police said: “Parents do you know where your teens are? @waymo does!”

The 15-year-olds were allegedly drinking alcohol and shooting toy guns from the car, according to the police. They said Waymo’s systems detected behavior that then triggered a safety response, after which the company disabled the vehicle and contacted police.

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Waymo’s cars, equipped with an array of cameras, microphones and other sensors to monitor passengers and other nearby vehicles, are becoming more common in cities across the United States. Experts say the detention of the two teens in San Mateo highlights a potential — but not inevitable — trade-off between privacy and convenience. It also questions the extent to which companies similar to Waymo are required to hand over private data, including audio and video of passengers, in situations where a crime is suspected.

NPR reached out to Waymo, which is owned by Alphabet, the parent company of Google, for comment on the details of the San Mateo incident and how the company responded, but did not hear back. But on its website, the company says that as many as 29 cameras in its autonomous cars provide an all-around view and “are designed with high dynamic range and thermal stability, to see in both daylight and low-light conditions, and tackle more complex environments.”

“There already exist laws that govern duty to report or even duty to protect” for carriers such as Waymo, according to Alessandro Acquisti, a professor of information technology at the MIT Sloan School of Management. “The privacy problems arise when and if driverless carrier companies used such laws or ethical obligations as a pretext for blanket, indiscriminate accumulation of identifiable data for unspecified future purposes.”

That includes not just monitoring people inside the cars, but outside too. Take, for example, a hit-and-run investigation last year in Los Angeles. Media reported that the police inquiry was aided by video captured by a Waymo taxi that had a clear view of the crime. Critics suggested at the time that authorities were using the company’s vehicles as a mobile surveillance platform. And during 2025 protests in Los Angeles against Immigration and Customs Enforcement crackdowns, demonstrators vandalized Waymos, apparently angry that video recorded by the vehicles could be used by police, although there is no evidence that happened.

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

Donald Trump has terminated the remaining members of the independent, federal commission that assists election administration officials nationwide just a few months before the midterm elections, multiple outlets reported Thursday.

The remaining three commissioners of the four-member bipartisan commission ⁠were forced out on Thursday in different ways. The one Republican appointee resigned and the other ⁠two, Democratic appointees were notified of their terminations via email from ​the White House presidential personnel office.

“On ‌behalf of President ‌Donald J Trump, I am writing to inform you that your position ‌as Commissioner of the Election Assistance Commission is terminated, effective immediately. Thank you for your service,” the email, seen by Reuters, said.

The White House did not immediately respond to a request for comment.

The Election Assistance Commission serves as a “national clearinghouse of information on election ‌administration”, accredits testing laboratories and certifies voting systems, and maintains the national mail-voter registration form developed by the National ​Voter Registration Act of 1993, according to the commission’s website. The terminations follow Trump and top administration officials’ advocacy to change vote-by-mail requirements and investigations into the 2020 election outcome, which Trump lost to Democrat Joe Biden.

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“It is ⁠irresponsible and dangerous that this Administration remains dead set on ​causing chaos for ​our election officials across this ​country,” Arizona secretary of state Adrian Fontes said in a ​Thursday statement. “This ‌move undermines the integrity ​of nonpartisan ​election administration.”

The 2002 law that established the commission, the Help America Vote Act, states the president can appoint replacements to the commission.

It is unclear how Trump will move ahead with the commission.

Reuters contributed reporting

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