Vance crypto politics Trump talking points

CURRENCY

Vice President JD Vance praised the cryptocurrency industry Wednesday and urged it to remain active in US politics and policymaking, highlighting the Trump administration’s close ties to a deep-pocketed industry that’s become a powerful force in Washington. Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives and enthusiasts to keep pressure on Congress to pass procrypto legislation supported by the White House. “We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens,” Vance said in his address. “But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction.” Vance’s speech comes after Trump promised to make the United States the “crypto capital of the planet” when he addressed the same bitcoin conference in Nashville last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attacked by the Biden administration, spent heavily to help Trump and procrypto lawmakers win election. Vance hailed crypto as a hedge that can help conservative populists protect themselves against bad politicians, overly aggressive regulators, and unethical elites. He predicted its continued assimilation into the financial mainstream and said it was strategically important for the United States to be a world leader in the industry, noting that the Chinese government is hostile to crypto. Vance also touted the Trump administration’s record at fulfilling the campaign promises made last year. As president, Trump has established a strategic bitcoin reserve for the federal government and pardoned Ross Ulbricht, the founder of Silk Road, a black market website that was key to the early growth of bitcoin. Trump has also staked his administration with outspoken crypto backers while his administration has undone or paused several enforcement actions taken against large crypto companies. — ASSOCIATED PRESS

AEROSPACE

The mid-flight loss of SpaceX’s Starship — its third consecutive setback — underscores the daunting challenges Elon Musk faces in achieving his lofty space ambitions as the world’s richest person pledges to refocus on his business empire. When SpaceX’s Starship thundered off the South Texas launchpad late Tuesday, employees cheered the ability of the world’s largest and most powerful rocket to surpass the previous two flawed missions. But halfway into the flight, the stainless-steel Starship disintegrated after leaking propellant and spinning out of control. While SpaceX had managed to refurbish and launch a previously flown Super Heavy booster — a key step to developing Musk’s dream of a rapidly reusable launch system — it, too, was destroyed before it could splash down in the Gulf of Mexico as planned. Then, Starship’s door failed to open and deploy the dummy satellites that were part of a crucial test of the company’s ability to deliver into orbit its upgraded Starlink internet satellites. The flawed mission raises major questions about SpaceX’s progress on Starship and casts further doubt on Musk’s repeated claim that the vehicle will be ready for cargo flights to Mars as soon as next year. It also highlights the risks involved with SpaceX’s iterative fly-fail-fix approach to rocket development and how far the company still has to go to ready the vehicle for operational flight. If Musk was frustrated by the outcome, he made no mention of it, celebrating in a post on his social media platform X how long Starship flew and the strength of its heat shield. “Lot of good data to review,” he said. “Launch cadence for next 3 flights will be faster.” — BLOOMBERG NEWS

WALL STREET

Nvidia Corp., the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers. As part of that push, the company is increasingly offering its chips as part of whole computer systems — a move it says is necessary to speed up the deployment of more complex and powerful technology. Nvidia expects AI infrastructure to eventually transform much of the economy, part of what chief executive Jensen Huang refers to as a new industrial revolution. “Global demand for Nvidia’s AI infrastructure is incredibly strong,” Huang said in a statement. Nvidia shares rose about 3 percent in extended trading following the announcement. They had earlier closed at $134.81 in New York, leaving the stock little changed in 2025. Sales in the first quarter, which ended April 27, rose 69 percent to $44.1 billion. That compared with an average estimate of $43.3 billion. That growth would be enviable for most chipmakers, though it was the smallest percentage gain in two years. One lingering question is whether US trade restrictions on China will hinder Nvidia’s long-term growth. In April, the Trump administration placed new curbs on exports of data center processors to Chinese customers, effectively shutting Nvidia out of the market. The chipmaker said on Wednesday that it incurred a $4.5 billion writedown because of the issue. — BLOOMBERG NEWS

CYBERSECURITY

Victoria’s Secret & Co. has stopped some office operations and told employees to avoid using company technology amid a “security incident” that also disrupted the retailer’s online shopping website and some store services. On Wednesday, some employees were locked out of email accounts with passwords not working, according to a person familiar with the situation, who asked not to be identified because they weren’t authorized to speak on the matter. The retailer is taking steps to address what they described as a “security incident,” including tapping outside experts, a spokesperson said. The company took down its website and some store services, the spokesperson said. Shares of the retailer fell 6.9 percent on Wednesday in New York. “Recovery is going to take awhile,” said Hillary Super, the lingerie retailer’s chief executive, in a note to employees seen by Bloomberg News. The company halted customer care operations and some distribution center operations, according to the note. Victoria’s Secret didn’t respond to a request for comment on Super’s note and the email outages. — BLOOMBERG NEWS

COMPENSATION

As he runs for mayor of New York City, Andrew M. Cuomo has made no secret of what he thinks was one of his greatest achievements as the state’s governor. “The first state to pass the highest minimum wage in the United States of America, right here,” he said recently. Now Cuomo wants New York City to go further. He announced on Wednesday that, if elected, he would seek to raise the minimum wage in the five boroughs to $20 an hour by 2027, which would be among the highest in the nation. He unveiled the new plank of his economic platform at a campaign rally in Manhattan, where he also rolled out a slate of new union endorsements. They included the Retail, Wholesale and Department Store Union, which has been fighting for a minimum-wage increase. “The best way to combat affordability, the best way, is to raise wages,” Cuomo, the front-runner in the Democratic primary next month, told a room packed with union members. “Put more money in people’s pockets.” To make the proposal reality, Cuomo would need to win support from Governor Kathy Hochul and state lawmakers, many of whom still harbor resentments from his days as governor. The state raised the minimum wage to $16.50 an hour this year in New York City, Westchester, and Long Island; it is $15.50 in the rest of the state and is expected to increase in the future based on inflation. — NEW YORK TIMES