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April 27, 2025

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The Zweig Breadth Thrust for the S&P 1500 triggered on Thursday as stocks surged last week. In poker terms, this thrust signals an abrupt participation shift as stocks move from folding to all-in within ten days. A bullish thrust signal is only part of the puzzle. How do we know when this signal fails? Today’s report will look at the ZBT signal in the S&P 1500 and offer an exit strategy. Stick around to the end for an offer to access a fully quantified strategy based on the Zweig Breadth Thrust.

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TrendInvestorPro subscribers have access to three timely reports. The first report/video explains the mechanics of the original NYSE-based Zweig Breadth Thrust indicator and then shows a modern version using S&P 1500 Advance-Decline Percent. Second, we also presented a trading strategy using ZBT signals for entry and another indicator for exits. The third report/video covers the setups and thrust signals for the percent above SMA indicators. Some of these indicators also triggered this week, but not all. Click here to take a trial and get full access.

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ZBT Triggers for S&P 1500, but Not S&P 500

The first chart shows the Zweig Breadth Thrust (ZBT) indicator triggering bullish as it moved from below -20% to above +23% within ten trading days (blue line). This thrust signal means S&P 1500 advance-decline breadth became oversold with strong selling pressure and then recovered in dramatic fashion with a surge in upside participation. Moreover, this shift occurred within a 10 day window. This reversal of fortune was both sudden and sharp.

Note that the Zweig Breadth Thrust triggered an epic signal in November 2023, and we were on it. See this report (11-November-2023) for details on the original NYSE-based Zweig Breadth Thrust. See this report (18-November-2023) for details on using S&P 1500 Advance-Decline Percent to create a Zweig Breadth Thrust indicator.  

S&P 500 ZBT Falls Short

The ZBT indicator for the S&P 500 did not trigger. The indicator was below -20% on April 8th and did not make it back above +23% within the 10 day window. In fact, the indicator did not make it back above +23% this week. This shows less upside participation within the S&P 500, and more upside participation within the S&P 1500. Small and mid cap breadth outperformed large-cap breadth this week.

Where’s the Exit?

The Zweig Breadth Thrust is only used for bullish signals, which means chartists must find another indicator to signal a failed thrust. As its name implies, a thrust is a strong upward move that is powerful enough to foreshadow an extended advance. The Zweig Breadth Thrust in November 2023 provides a classic example as SPY continued higher, never looking back. The blue line shows when both the S&P 1500 and S&P 500 ZBT indicators triggered in early November.

Chartists looking for an exit strategy can consider prior support levels based on reaction lows (troughs). The horizontal blue lines show these support levels, starting with the late October 2023 low. SPY forged a reaction low in January 2025, hit a new high in February and then broke support to trigger an exit. Current support levels are based on the April lows.

Chartists looking for a more dynamic approach can consider a trend-following indicator, which we will explore next (subscribers). This strategy is fully disclosed and quantified with backtest results. Click here to take a trial and get immediate access! 

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This week brought major developments in the tech space as interest rate speculation impacted the market and Alphabet (NASDAQ:GOOGL) saw developments in its high-stakes antitrust battle.

Meanwhile, Motorola Solutions (NYSE:MSI) made waves with new artificial intelligence (AI) integrations, and earnings reports impacted shares of Tesla (NASDAQ:TSLA), IBM (NYSE:IBM) and Intel (NASDAQ:INTC).

Meanwhile, the EU continued its regulatory push against Apple (NASDAQ:APPL) and Meta Platforms (NASDAQ:META).

Read on to dive deeper into this week’s top stories.

1. DOJ pushes for radical remedies in Google’s antitrust trial

This week, federal attorneys presented possible remedies before Judge Amit Mehta in the Google search antitrust case, following his August 2024 ruling that Google is illegally monopolizing the search market.

The US Department of Justice (DOJ) recommended that Google be forced to share its user data with rivals and advocated for the sale of Google’s Chrome business, arguing that the divestiture would give other companies a fighting chance in the search engine market. As the week progressed, executives from OpenAI, DuckDuckGo, Perplexity and Yahoo said they would consider acquiring Chrome if Mehta were to force a sale.

“Google can compete, but they simply don’t want to compete on a level playing field,” DOJ attorney David Dahlquist said during his opening remarks on Monday (April 21). He added, “Google is now fearful of competing against rivals who will only get stronger with the proposed remedies in place.” Dahlquist also called for forward-looking remedies that would prevent future monopolization in the burgeoning field of AI-powered search and related AI services, proposing that Google be banned from making deals with phone manufacturers that make Google Search the default search.

Google’s attorney, John Schmidtlein, said the proposal is “fundamentally flawed” and argued that it is a “wishlist” for competitors that would immediately benefit from technology that Google has spent years developing.

In a blog post on Sunday (April 20), Lee-Anne Mulholland, Google’s vice president of regulatory affairs, wrote, “At trial, we will show how DOJ’s unprecedented proposals go miles beyond the Court’s decision, and would hurt America’s consumers, economy, and technological leadership.” Mulholland contends that the DOJ’s antitrust proposals would hinder user access to preferred services, raise costs, slow innovation, jeopardize privacy, impede AI development and undermine the functionality and security of key platforms like Chrome and Android.

Illustrating the challenge that Google’s competitors face, Dmitry Shevelenko, head of product for Perplexity AI, said that on on Android devices, the process of setting Perplexity AI as the default AI assistant over Google’s pre-set Gemini is like navigating a “jungle gym.’ However, he also expressed concern that forcing Google to sell Chrome to a competitor, like OpenAI, could lead to the discontinuation of Chrome’s open-source model, which many developers rely on.

Google presented ongoing arguments that users choose Google Search because of its high-quality results, not as a result of anticompetitive practices. The defense also presented evidence that OpenAI, Microsoft (NASDAQ:MSFT) and Meta have sought deals with Samsung Electronics (KRX:005930) to put their AI chatbots onto Samsung phones.

This week’s proceedings laid bare starkly contrasting visions for the future of the search market. The result of the trial will be a pivotal moment and could lead to a major shake-up in the tech world.

2. Motorola to enhance smartphones with multi-partner AI integration

Motorola announced a strategic move on Thursday (April 24) to enhance its smartphones through key partnership agreements with Google, Meta, Microsoft and Perplexity. The company’s new deal takes a “best-of-breed” approach by integrating specialized technologies from each partner into Moto AI.

The Perplexity app will be pre-installed on the new Razr series, allowing users to access Perplexity’s search and assistant capabilities directly within Moto AI. Other Motorola devices launched after March 3, 2025, will receive this feature via a future update. The deal will make Motorola the first smartphone brand to fully integrate Perplexity.

Besides Perplexity, Motorola’s partnership with Google integrates Gemini and Gemini Live models for on-device AI features. Meta’s Llama model will enhance on-device processing, providing notification summaries and enabling mixed-reality notifications and app viewing. Microsoft’s Copilot serves as another option for a conversational chatbot.

Motorola introduced its newest lineup of Razr phones on Thursday. They are equipped with four new features that leverage the specific strengths of each partner: Next Move for recommendations, Playlist Studio for curated music, Image Studio for text-to-image generation and Look and Talk (exclusive to Razr 60 Ultra) for hands-free AI activation.

3. Tesla, IBM, Intel and Alphabet release results

This week brought Q1 earnings releases from prominent tech firms Tesla, IBM and Intel.

The market’s reaction to these reports often sets the tone for the broader market sentiment and trading activity, underscoring the intense scrutiny these updates now hold.

Tesla released its report after markets closed on Tuesday (April 22), showing lower-than-expected revenue and earnings. Despite that news, the company’s share price moved upward on Wednesday. During an earnings call, CEO Elon Musk said that he will begin reducing his time spent at the White House overseeing the Department of Government Efficiency and spend more time at Tesla, news that likely contributed to this upward momentum.

Musk also highlighted a focused approach to bringing robotaxis to Austin by June, with more cities to follow, alongside piloting automated Cybercab production for next year. While 2025 delivery targets were unspecified, he reaffirmed the affordable vehicle’s development and ongoing Full Self-Driving progress.

Conversely, IBM’s stock price fell by over 6 percent on Thursday after the company reported its results after Wednesday’s closing bell; the decline came even after it beat analysts’ estimates for both revenue and earnings. This negative reaction has been attributed to a slowdown in IBM’s consulting businesses, sparking concerns about the company’s future growth. Cautious language regarding the economic outlook may have also weighed on investor sentiment.

Tesla and IBM performance, April 22 to 25, 2025.

Chart via Google Finance.

Meanwhile, Intel’s Thursday release of its Q1 results revealed flat revenue and lower earnings per share alongside a lower-than-expected outlook for Q2. The report resulted in a decline in Intel’s stock price, erasing earlier gains that followed a Fortune report that the company planned to lay off 20 percent of its workforce.

Intel and Alphabet performance, April 22 to 25, 2025.

Chart via Google Finance.

Finally, Alphabet shares rose in after-hours trading following its earnings release on Thursday, closing higher on Friday (April 25) as investors reacted positively to a strong report that revealed increases across the board.

4. EU hits Apple and Meta with DMA fines

The European Union fined Apple and Meta on Wednesday on the grounds that the companies have breached the Digital Markets Act (DMA). Apple was fined 500 million euros after the European Union found that the company imposed restrictions that prevented app developers from informing users about offers available outside of Apple’s App Store, thereby breaching the DMA’s “anti-steering” obligation. Additionally, the European Commission issued a cease-and-desist order to Apple, giving the iPhone maker 60 days to comply with the DMA.

Meta was fined 200 million euros for allegedly violating the DMA’s rules on user consent for data usage with its “pay or consent” model, which requires either personalized advertising or a subscription for ad-free service.

Both companies have said they plan to appeal.

“We have spent hundreds of thousands of engineering hours and made dozens of changes to comply with this law, none of which our users have asked for. Despite countless meetings, the Commission continues to move the goal posts every step of the way,” a representative for Apple told CNN.

Meanwhile, Meta told the Wall Street Journal that the penalties amount to “a multibillion-dollar tariff on Meta while requiring us to offer an inferior service.”

5. Apple plans iPhone manufacturing shift

Apple is reportedly planning a significant shift in its iPhone manufacturing strategy, aiming to move the assembly of iPhones destined for the US market from China to India as early as next year, according to a Thursday report in the Financial Times. This potential move signals a considerable departure from Apple’s longstanding dependence on China as its primary iPhone production hub. The impetus behind this strategic realignment is largely attributed to the escalating trade tensions between the US and China, which have compelled numerous multinational corporations to re-evaluate and diversify their global supply chains to mitigate risks.

Apple’s efforts to establish a manufacturing footprint in India have been underway for several years, with a gradual increase in iPhone production in the South Asian nation. However, the latest reports suggest a much more ambitious plan. Insiders familiar with the matter have indicated to the Financial Times that Apple’s ultimate objective is to transfer its entire iPhone production capacity for the US market to India by the end of 2026.

This would represent a complete overhaul of Apple’s current manufacturing arrangement and a major boost to India’s aspirations of becoming a global electronics manufacturing center.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Here’s a quick recap of the crypto landscape for Wednesday (April 23) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$93,529.14 as markets closed for the day, up 2.2 percent in 24 hours. The day’s range has seen a low of US$92,078.75 and a high of US$94,122.31.

Bitcoin performance, April 23, 2025.

Chart via TradingView.

Fueledby the re-entry of institutional investment, the crypto markets appear to be headed towards a robust recovery; however, the long-term trajectory remains to be seen.

Ethereum (ETH) ended the day at US$1,785.14, a 5.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,767.67 and a high of US$1,815.24.

Altcoin price update

  • Solana (SOL) ended the day valued at US$150.05, up four percent over 24 hours. SOL experienced a low of US$149.31 and peaked at $153.47.
  • XRP traded at US$2.22, reflecting a three percent increase over 24 hours. The cryptocurrency recorded an intraday low of US$2.20 and reached its highest point at US$2.29.
  • Sui (SUI) was priced at US$2.98, showing an increaseof 21 percent over the past 24 hours. It achieved a daily low of US$2.89 and a high of US$3.06.
  • Cardano (ADA) was trading at US$0.6981, up 6.3 percent over the past 24 hours. Its lowest price on Wednesday was US$0.6873, with a high of US$0.7138.

Today’s crypto news to know

Bitcoin becomes fifth largest global asset, overtakes Google

Bitcoin has climbed to a market capitalization of US$1.86 trillion, overtaking Alphabet (NASDAQ:GOOGL) to become the world’s fifth-largest asset by market value. The price of Bitcoin surged past US$94,000, helped by easing trade tensions between the US and China and renewed bullish sentiment across tech and risk-on assets.

This marks a symbolic milestone for the cryptocurrency, which has now outpaced several of the world’s most valuable tech giants. Analysts point to Bitcoin’s increasing correlation with macroeconomic tailwinds — such as falling bond yields and speculative interest in risk assets — as drivers of the recent price action.

Its breakout relative to the Nasdaq also suggests growing investor confidence in crypto as a parallel to tech. If Bitcoin maintains this trajectory, some believe it could soon challenge silver’s position as the fourth-largest global asset.

Brandon Lutnick forms new Bitcoin investment vehicle

Brandon Lutnick, son of Howard Lutnick, US secretary of commerce and former Cantor Fitzgerald chair, will launch a listed Bitcoin investment vehicle through a reverse merger with Cantor Equity Partners, a special purpose acquisition company. This is according to a Tuesday (April 22) report from the Financial Times.

The newly established entity, purportedly named Twenty One Capital, will be led by co-founder Jack Mallers, CEO of Bitcoin-focused payments app Strike, and majority owned by Tether (USDT) and cryptocurrency exchange Bitfinex. SoftBank Group (TSE:9984) will also own a ‘significant minority’ stake.

Financial Times sources said Tether will contribute at least US$1.5 billion worth of Bitcoin.

The company will also raise US$385 million through a convertible bond and US$200 million via a private equity placement, which it will use to acquire more Bitcoin. Eventually, SoftBank, Tether and Bitfinex’s investments will be converted from Bitcoin into shares in Twenty One Capital, with a price of US$13 per share for the private placement and US$10 per share for the convertible bond.

According to the report, Twenty One Capital will launch with 42,000 BTC, making it the world’s third-largest Bitcoin reserve. “With a visionary leader at the helm and backing from two renowned industry leaders, Twenty One is designed to help investors capture value from Bitcoin’s growing global demand and increasing institutional adoption,” Lutnick said in a press release on Wednesday. The deal values the new company at US$3.6 billion based on an approximate US$85,000 Bitcoin valuation. As of writing, Bitcoin is valued at US$93,808.31.

Trump backs crypto regulation, Trump Media eyes retail crypto products

During a public appearance, US President Donald Trump called for regulatory certainty in the crypto industry and vowed to provide ‘clear rules of the road’ for digital asset innovation.

His statement coincided with Trump Media & Technology Group’s announcement that it will partner with Crypto.com and Yorkville America Digital to launch retail investment products, including crypto-focused ETFs aligned with Trump’s “America First” platform. The planned offerings aim to capitalize on the president’s growing presence in the digital asset space following prior ventures like Trump NFTs and crypto-affiliated partnerships.

While no official ETF filings have been submitted yet, the initiative signals Trump’s commitment to making crypto a policy priority as part of his economic strategy.

Trump to host dinner for $TRUMP token holders

Trump will host a dinner for the top 220 holders of his $TRUMP token in Washington, DC, on May 22.

News of the event sent $TRUMP’s valuation up by over 55 percent in under an hour. $TRUMP reached US$14.44 at around midday on Wednesday, its highest valuation since mid-February. As of writing, $TRUMP is valued at US$13.46.

Top token holders are required to link their wallets for holding verification. The top 25 holders will gather for a private reception with the president before dinner.

Around 40 million $TRUMP tokens, or roughly 20 percent of the tokens’ circulating supply, were unlocked on April 17; they were valued at slightly above US$300 million at the time.

$TRUMP reached an all-time high of US$75.35 on January 19, according to data from CoinMarket Cap. This was followed by an abrupt reversal and steady decline in Q1 to valuations between US$9 to US$7 in April.

Tesla reports US$951 million in Bitcoin holdings despite earnings miss

Tesla (NASDAQ:TSLA) revealed it continues to hold $951 million worth of Bitcoin on its balance sheet, despite posting weaker-than-expected quarterly revenue of US$19.34 billion.

The automaker’s Bitcoin holdings, totaling 11,509 BTC, remained unchanged during the quarter, with no buy or sell activity recorded. This comes as Bitcoin’s price dipped from late December highs, impacting Tesla’s valuation of its digital asset portfolio under the new Financial Accounting Standards Board rules.

These rules now require corporations to mark digital assets to market on a quarterly basis, increasing transparency but also exposing earnings to crypto market volatility. Tesla’s crypto exposure, while relatively small compared to its core business, still makes it one of the top public holders of Bitcoin globally.

Riot Platforms secures US$100 million credit facility backed by Bitcoin

Riot Platforms (NASDAQ:RIOT) secured a US$100 million credit facility from Coinbase Global (NASDAQ:COIN) on Wednesday using a massive Bitcoin stockpile as collateral.

Data from Bitcoin Treasuries indicates that Riot holds 19,223 BTC valued at approximately US$1.8 billion, making the company the third-largest corporate Bitcoin treasury behind Michael Saylor’s Strategy and MARA Holdings.

“Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing,” said Jason Les, CEO of Riot, in a press release. “This credit facility is a key part of our efforts to diversify sources of financing to support our operations and strategic growth initiatives, with a view towards long-term stockholder value creation.”

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Here’s a quick recap of the crypto landscape for Friday (April 25) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$95,030.17 as markets closed for the day, up 1.8 percent in 24 hours. The day’s range has seen a low of US$94,367.25 and a high of US$95,563.75.

Bitcoin performance, April 25, 2025.

Chart via TradingView.

As the crypto market stages its comeback after weeks below its key resistance level, ARK Invest increased its most optimistic Bitcoin price forecast for 2030 from US$1.5 million to US$2.4 million. The firm attributes this upward revision to growing interest from institutional investors and Bitcoin’s expanding role as ‘digital gold.’ Cointelegraph’s market analysis cites five technical indicators pointing to valuations above US$100,000 by May.

Ethereum (ETH) ended the day at US$1,796.65, a two percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,772.18 and a high of US$1,819.79.

Altcoin price update

  • Solana (SOL) ended the day valued at US$151.24, down 0.1 percent over 24 hours. SOL experienced a low of US$150.90 and peaked at $155.18.
  • XRP traded at US$2.19, reflecting a 0.6 percent decrease over 24 hours. The cryptocurrency recorded an intraday low of US$2.19 and reached its highest point at US$2.22.
  • Sui (SUI), this week’s outperformer, was priced at US$3.60, showing an increaseof 8.8 percent over the past 24 hours. It achieved a daily low of US$3.56 and a high of US$3.73. Sui is up by over 67 percent for the week.
  • Cardano (ADA) was trading at US$0.7127, down 1.7 percent over the past 24 hours. Its lowest price on Friday was US$0.7099, with a high of US$0.7268.

Today’s crypto news to know

ARK Invest sees Bitcoin hitting US$2.4 million by 2030

Cathie Wood’s ARK Invest has revised its already-optimistic bitcoin forecast, now projecting the asset could reach as high as US$2.4 million by 2030 in its most bullish scenario.

The firm’s April 24 report outlines three trajectories: a bear case of US$300,000, a base case of US$710,000, and a sky-high scenario that factors in growing institutional allocations and rapid expansion of on-chain financial services.

The US$2.4 million target assumes bitcoin captures 6.5 percent of the US$200 trillion global investable asset pool, with sustained 60 percent annual growth in BTC-driven financial infrastructure. National reserves, corporate treasuries, and rising adoption in emerging markets also play critical roles in the model, but ARK identifies institutional capital as the most transformative force.

While skeptics still cite volatility and regulatory uncertainty, ARK argues that BTC’s asymmetric upside—especially amid global monetary shifts—makes it a once-in-a-generation investment thesis.

Saylor predicts BlackRock ETF will eclipse all ETFs within a decade

MicroStrategy Chairman Michael Saylor declared that BlackRock’s iShares Bitcoin Trust (IBIT) will become the largest ETF in the world within 10 years, following a record-breaking week where U.S. bitcoin ETFs drew US$2.8 billion in net inflows.

IBIT led the pack with US$1.3 billion, lifting its total assets to roughly US$54 billion and driving daily trading volumes above US$1.5 billion. For context, the current largest ETF, Vanguard’s VOO, commands a market cap over US$593 billion—nearly ten times IBIT’s current size.

Bloomberg ETF analyst Eric Balchunas acknowledged Saylor’s claim wasn’t farfetched, but said IBIT would need to consistently attract US$3 billion US$4 billion per day to overtake VOO within a decade.

The bold prediction reflects mounting institutional appetite for BTC exposure, but also underlines the extraordinary capital movement that would be required for such a paradigm shift in ETF rankings.

$ TRUMP meme coin rallies after president offers private dinner

Donald Trump’s $TRUMP meme coin surged over 70 percent after the president promised an exclusive gala dinner for the token’s top 220 holders, including a VIP reception at his Washington DC golf club for the top 25.

Launched just before Trump’s January inauguration, the coin has exploded in both market cap—now estimated around US$2.5 billion—and political intrigue, reflecting the former president’s aggressive expansion into crypto.

This latest move aims to blend campaign optics with digital asset hype, positioning Trump not just as a “crypto president,” but as an active participant in speculative retail culture.

Critics have slammed the dinner-for-holders gimmick as a political stunt and potential conflict of interest, while others say it signals a new model of decentralized donor engagement.

Regardless, the announcement caused a major pump and reignited interest across meme coin forums and pro-Trump financial channels.

Swiss central bank rejects Bitcoin in reserves

Swiss National Bank Chairman Martin Schlegel flatly rejected proposals to include bitcoin in the country’s currency reserves, stating it ‘cannot currently fulfil the requirements’ needed for official holdings.

At the SNB’s annual meeting in Bern, Schlegel cited bitcoin’s extreme volatility and insufficient liquidity as major concerns, making it unsuitable for maintaining the stability and convertibility of the national reserve portfolio.

This comes as activists behind the ‘Bitcoin Initiative’ mount a constitutional referendum campaign that would legally compel the SNB to hold BTC alongside gold. Luzius Meisser, one of the movement’s leaders, argued bitcoin could prove invaluable in a future marked by declining trust in government debt.

The SNB’s resistance, however, signals continued institutional reluctance to enshrine bitcoin as a strategic monetary asset, even in one of the world’s most financially progressive nations.

CME Group to launch XRP futures

The Chicago Mercantile Group (CME) announced plans to launch XRP futures contracts, according to an announcement by the derivatives marketplace on Thursday (April 24).

“As innovation in the digital asset landscape continues to evolve, market participants continue to look to regulated derivatives products to manage risks across a wider range of tokens,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.”

Pending regulatory approval, participants will be able to trade micro-sized contracts comprising 2,500 XRP and/or large contracts of 50,000 XRP starting on May 19.

Nasdaq calls for consistent digital asset regulation

A letter to the US Securities and Exchange Commission (SEC) from the Nasdaq exchange on Friday (April 25) called on regulators to apply the same regulatory standards to digital assets as they do to securities, particularly if these assets function as ‘stocks by any other name.’

Nasdaq asserted that the SEC needs to develop a more distinct classification system for cryptocurrencies, suggesting that some digital assets should be categorized as ‘financial securities.’ The exchange contended that these tokens should continue to be regulated in the same manner as traditional securities, irrespective of their tokenized format.

“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.

The letter also proposed categorizing some cryptocurrencies as “digital asset investment contracts,” which would still be overseen by the SEC, but subject to “light touch regulation”.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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President Donald Trump apparently pushed Israeli Prime Minister Benjamin Netanyahu on Gaza during their latest conversation. Trump told reporters aboard Air Force One that he told Netanyahu ‘You’ve got to be good to Gaza’ because the people there ‘are suffering.’

‘There’s a very big need for food and medicine, and we’re taking care of it,’ Trump told reporters. Trump also noted that Netanyahu ‘felt well’ about the push to get more aid into Gaza.

This message seems to mark a departure from the more aggressive stance he has taken in the past. Before he returned to office, Trump warned Hamas there would be ‘hell to pay’ if the hostages were not released. In February, when Netanyahu visited the White House, Trump suggested that the U.S. take over the Strip and turn it into a ‘riviera.’ 

A few days after Netanyahu’s visit to the White House, Trump said Israel should ‘let all hell break out’ if Hamas failed to release all remaining hostages by the U.S. president’s noon deadline. Hamas did not free the hostages, but Israel held off on resuming the war until March 18. Before ground operations restarted, 33 hostages were freed. 

Aid trucks have not entered Gaza since March 2, and there has been international uproar over the growing crisis inside the Strip. While Trump is seemingly pushing Netanyahu to change his approach to Gaza, Israel has said it would not let aid enter the Strip until the remaining hostages are released.

There is concern and frustration in Israel over allegations that aid has gone to Hamas terrorists instead of the people of Gaza. In November 2024, the Associated Press reported that prices in Gaza skyrocketed after nearly 100 trucks of food and humanitarian aid were looted by armed men. 

While speaking to the United Nations Security Council, freed Hamas hostage Eli Sharabi said his captors often had boxes of supplies with U.N. logos on them in the tunnels. Sharabi, who weighed just 97 pounds when he was released, said the hostages were starved while ‘Hamas eats link kings.’

The Coordinator for Government Activities in the Territories (COGAT), an Israeli agency, said that when the hostage deal was in place, 25,200 trucks entered Gaza carrying 447,538 tons of humanitarian aid.

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President Trump’s ‘nicotine freedom crusade’ rolling back Biden-era policies related to nicotine and tobacco products could be primed to reverse a key rule that experts who spoke to Fox News Digital say would be a critical step forward. 

Shortly before Trump was sworn into office, Biden’s FDA proposed a rule that it described at the time as ‘bold’ that ‘would make cigarettes and certain other combusted tobacco products minimally or nonaddictive by limiting the level of nicotine in those products.’

Cigarettes and ‘certain other combusted tobacco products’ would not be allowed to have more than 0.7 milligrams of nicotine per gram of tobacco under the proposed rule, according to the FDA. The agency said that lower nicotine levels would ‘be low enough to no longer create or sustain addiction.’ 

While the FDA insisted at the time that the rule ‘would not ban’ cigarettes, critics disagree and are optimistic that Trump will continue his push for nicotine freedom and upend the rule. 

‘The Biden legacy on tobacco policy is one of hamfisted regulations, crippling bureaucracy, and prohibition fueling massive criminal markets — from cigarettes to Chinese vapes,’ Rich Marianos, former assistant director of the ATF, executive director of the Tobacco Law Enforcement Network, told Fox News Digital. 

‘President Trump can put the nail in the coffin of that failed era by killing this insane ban on cigarettes and focusing resources on vigilant enforcement.’

Peter Brennan, Executive Director of the New England Convenience Store & Energy Marketers Association (NECSEM), told Fox News Digital that ‘prohibitionist tobacco policy’ ends up punishing small businesses by ‘taking sales out of our stores and pushing them into the streets and the illicit market.’

‘Biden’s plan to ban all cigarettes is a real threat that is still hanging over our heads.’ Brennan said. ‘We are hopeful that President Trump will help America’s convenience stores by putting a stop to this disastrous idea.’

Trump has taken several actions in the nicotine space since taking office, including withdrawing a proposed rule seeking to ban menthol cigarettes, after the Biden administration said it intended to make the ban become a reality after years of advocacy from anti-smoking groups.

Months later, FDA Tobacco Director Brian King, who critics believed was a key figure behind the administration’s efforts against banning menthols and the ‘war on nicotine’ was removed from his post in a move that experts who spoke to Fox News Digital praised earlier this month. 

‘President Trump has succeeded in his nicotine freedom crusade since taking office, repealing Biden’s misguided menthol ban and firing the FDA architect behind it,’ a Republican strategist who worked to elect Trump in 2024 told Fox News Digital this week. ‘The logical next step is to officially repeal a Biden-era rule on banning low nicotine products, which will be the final blow to Biden’s war on nicotine.’

Fox News Digital reached out to the FDA for comment. 

Biden’s perceived ‘war on nicotine,’ along with the surge in illicit Chinese vapes flooding the market over the last few years, is believed by some to have hurt his presidential campaign along with that of VP Kamala Harris, who eventually took his place on the ticket. 

‘If President Trump withdraws Biden’s disastrous rule that would effectively ban cigarettes, it would be a huge win for his working-class coalition,’ a person close to the Trump administration told Fox News Digital. 

Fox News Digital’s Alec Schemmel contributed to this report. 

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A recent profile piece on Alex Soros, the heir to the vast liberal mega donor George Soros’ progressive fundraising network, suggested the younger Soros has hurt the family brand with his public profile in recent years.

The article, posted by New York Magazine this week, takes place in Alex Soros’ luxury penthouse in Manhattan and characterizes the home as an example of his indifference to public opinion, which the story suggests hasn’t been beneficial to the family’s Open Society Foundations.

‘The setting itself is a testament to a certain indifference to public opinion on Alex’s part — or perhaps a lack of awareness,’ the story says. 

‘This past fall, he held a fundraiser at the apartment for vice-presidential candidate Tim Walz, then created a PR headache by posting photos from the event on social media, as is his custom after meeting heads of state and elected officials. (As a former OSF higher-up says, Alex likes to collect ‘shiny objects.’) 

‘It was deemed unhelpful to a presidential ticket straining to underscore its regularness that the son of the 94-year-old hedge-fund billionaire accused of puppeteering the Democratic Party was publicly advertising his centrality to the election effort from a New York City penthouse.’

Soros drew strong criticism on social media over the photo with Walz in his penthouse standing next to a vice presidential candidate who had been labeled as someone who would resonate with rural and working-class voters.

‘This guy goes around saying he’s a small town midwestern guy who understands the struggles of the middle class and then goes to hang out at the floating home in the sky of the world’s biggest billionaire nepo baby,’ digital strategist Greg Price wrote on X at the time.

‘A post like this does nothing to help Kamala Harris & Tim Walz win — if anything, it hurts them,’ journalist Jerry Dunleavy posted on X at the time. ‘So why would Soros post something like this? To publicly signal his power & influence within the next would-be presidential administration.’

New York Magazine wrote that Alex Soros’ ‘fondness for collecting powerful figures embarrasses people at the foundation.’

‘It also underscores his influence. OSF is by some measures the second-largest charitable foundation in the United States, trailing only the Gates Foundation. It gives out roughly $1.5 billion a year, and it spends its U.S. budget not only on liberal causes but also on some of the big dark-money nonprofits aligned with the Democratic Party, including America Votes, the Sixteen Thirty Fund, and the pro-Harris spending group Future Forward USA Action.’

Fox News Digital has documented Soros’ online presence, which includes all the photos he takes with Democratic politicians in recent years, and his Rolodex includes some of the most powerful politicians in the Democratic Party. During the Biden administration, Soros visited the White House over 22 times and met with both Biden and Harris.

His social media profiles have dozens of pictures of him and leading House and Senate Democrats since 2018. The two who appear the most are Senate Minority Leader Chuck Schumer of New York and former House Speaker Nancy Pelosi of California. Alex had at least nine meetings with Schumer, whom he referred to as his ‘good friend.’ 

Soros had at least eight visits with Pelosi, whom he has called the ‘greatest Speaker of the House in American History!’ 

Soros has donated millions to Democrats over the past several years, albeit far less than his father. In 2020, he contributed over $700,000 to the Biden Victory Fund, making him among its top donors. For the 2024 cycle, he maxed out $6,600 in donations directly to Biden’s campaign, federal filings show.

Since the 2018 elections, he has poured more than $5 million into federal political coffers. Records show that his largest contribution was $2 million to the Schumer-aligned Senate Majority PAC during this time. 

He’s also contributed hundreds of thousands in cash to the Nancy Pelosi Victory Fund, Democratic National Committee and Democratic Congressional Campaign Committee. He has given tens of thousands more to state Democratic parties and individual campaigns, many of which were maximum contributions. 

The article notes that the Soros network spent hundreds of millions in the last election cycle trying to elect Democrats and push progressive causes and that Soros was ‘probably the biggest liberal donor of the most recent election cycle’ but that it is ‘hard to know for sure because of untrackable dark-money spending.’

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President Donald Trump is closing in on the first 100 days of his administration this week, wrapping up three months marked by an unprecedented use of executive orders, and continued discussions surrounding a peace deal between Russia and Ukraine. 

Trump met with Norwegian Prime Minister Jonas Gahr Store at the White House Thursday, where he said that he and other allies are trying to wrap up a deal between Moscow and Kyiv in the near future. Still, he said he would stick to his own timeline. 

‘I have my own deadline,’ Trump told reporters Thursday. ‘And we wanted to be fast. And the Prime Minister’s helping us.’

‘He wants it to be fast, too,’ he said. ‘And I think everybody in this, at this time in NATO, they want to see this thing happen.’

The White House did not provide comment to Fox News Digital regarding details of the deadline. 

Trump’s team has signaled optimism about a deal this week, and Vice President JD Vance disclosed on Wednesday that a proposal is on the table. However, he said that time is limited and if neither party agrees, the U.S. will withdraw itself from advancing those discussions. 

The deal would require both Russia and Ukraine to give up some of their territory, but that the lines would remain ‘close to where they are today,’ according to Vance. 

Here’s what also happened this week in the Trump administration:

Hegseth under fire 

The White House went to bat for Secretary of Defense Pete Hegseth, who has come under additional scrutiny following a New York Times report that Hegseth shared information about a March military airstrike against the Houthis in a Signal messaging app group chat that also included his wife, brother and personal lawyer. 

In March, the Atlantic reported about an initial Signal group chat that included Hegseth and Vance to discuss the same attack on the Houthis. In that chat, Atlantic editor-in-chief Jeffrey Goldberg was accidently included. 

The most recent incident has prompted lawmakers to call for Hegseth’s resignation, even though Hegseth maintains no war plans were disclosed in the chats. Despite a report from NPR that said the White House was considering finding a new secretary of defense amid the controversy, the Trump administration has voiced support for Hegseth this week. 

‘He is bringing monumental change to the Pentagon, and there’s a lot of people in the city who reject monumental change, and I think, frankly, that’s why we’ve seen a smear campaign against the Secretary of Defense since the moment that President Trump announced his nomination before the United States Senate,’ White House Press Secretary Karoline Leavitt told reporters Tuesday.

‘Let me reiterate: The president stands strongly behind Secretary Hegseth and the change that he is bringing to the Pentagon, and the results that he’s achieved thus far speak for themselves,’ Leavitt said.

Pope Francis funeral 

Trump and first lady Melania Trump departed Washington Friday morning to attend Pope Francis’ funeral in Rome Saturday. The Vatican announced that Pope Francis died Monday at the Vatican’s Casa Santa Marta. 

‘Rest in Peace Pope Francis!’ Trump said in a Monday post on Truth Social. ‘May God Bless him and all who loved him!’

The pope’s death came a day after Vance, who converted to Catholicism in 2019, met with him in one of the reception rooms of the Vatican hotel just hours before his death. 

Additionally, Trump signed an executive order Monday ordering all U.S. flags be flown at half-staff on all public buildings and grounds, at all military posts and naval stations, and on all naval vessels to remember Francis. The order also applies to all U.S. embassies, legations, consular offices and other facilities abroad, including military facilities and naval vessels and stations.

Former President Joe Biden and his wife, Jill, are also planning to attend the Rome funeral.

Education reforms 

Trump also signed seven executive orders pertaining to education, including several that would incorporate artificial intelligence into K-12 school curricula, modify school discipline and accreditation guidelines, and update requirements for the disclosure of foreign funding to schools.

Meanwhile, Trump’s Education Department also announced Monday it would resume collections on defaulted federal student loans in May for the first time since 2020. 

The first Trump administration paused referring federal student loans to collections in March 2020 during the beginning of the COVID-19 pandemic. But Trump administration officials are concerned that the pause has led the federal student loan portfolio to be ‘headed toward a fiscal cliff if we don’t start repayment in collections,’ according to a senior department official.

‘The result has been that the federal government student loan portfolio has continued to grow, and we’ve got a record number of borrowers that are at risk of or in delinquency and default,’ the senior department official told reporters Monday.

Fox News’ Emma Colton contributed to this report. 

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