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Sports giant Fanatics is pitting fans against greats Tom Brady, Kevin Durant and Alex Rodriguez at an upcoming marketing event.

The company announced Tuesday it is introducing a skills-based competition at Fanatics Fest 2025, taking place June 20-22 in New York City. Fanatics says more than $2 million will be given away in prizes, including a $1 million cash prize for first place, a Ferrari 812 GTS for second place and a Lebron James collectors card worth $250,000 for third place. If no fans finish in the top three, falling short of the celebrity competitors, the highest-scoring fan will receive $100,000.

If a celebrity competitor comes in first, they take home the seven-figure prize.

“I think the thinking was, how do we create even more of an insane environment where fans and athletes and streamers are all running around, in this case, quite literally, having a great time and showcasing all of that,” said Lance Fensterman, CEO of Fanatics Events.

It’s the second Fanatics Fest after the inaugural event last year drew more than 70,000 fans and brought together major sports leagues and hundreds of current and former athletes. The offerings last year included league activations, autograph sessions and a trading cards and collectibles show.

This year, Fanatics is hoping to go even bigger — with a goal of bringing in 100,000 attendees — as the company continues to broaden its reach in sports marketing.

Michael Rubin acquired Fanatics in 2011 after merging it with his company, GSI Commerce. What began as a sports e-commerce platform has evolved in recent years into a diverse sports platform offering trading cards and sports memorabilia, live shopping, betting and gaming, as well as an events business.

Fifty fans will be selected to compete at Fanatics Fest 2025 against top talent that also includes comedian Kevin Hart, former New England Patriot Rob Gronkowski, Los Angeles Clippers shooting guard James Harden and Olympic gymnast Jordan Chiles.

The competition will include Major League Baseball pitching accuracy, National Hockey League slapshot accuracy, National Football League passing accuracy, a National Basketball Association shooting competition, a FIFA goal scoring challenge and a golfing contest. Fans can apply to participate by submitting a short video in the Fanatics app.

While Fanatics’ events business represents just a small fraction of business — last valued at $25 billion, according to a person familiar with the company — Fensterman said Fanatics Fest creates a lot of positive sentiment around the company.

“It’s incredibly impactful in terms of bringing the entire ecosystem together for the sole focus of delighting,” he said.

This post appeared first on NBC NEWS

We now know who won the contest to attend an intimate dinner with President Donald Trump by buying his cryptocurrency — and he’s a familiar face to Securities and Exchange Commission regulators and law enforcement officials.

Justin Sun, a Chinese-born crypto entrepreneur, confirmed in an X post Tuesday that he was behind the account, labeled ‘SUN,’ that purchased the most $TRUMP meme coin to sit at the president’s table at a crypto-focused gala scheduled for Thursday.

‘Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!’ Sun wrote. ‘As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry.’

He capped the post with an American flag emoji.

Critics have blasted the dinner contest as potentially unconstitutional and a blatant opportunity for corruption. Trump has not publicly commented on the accusations, and the Office of Government Ethics has declined to comment. A White House official did not immediately respond to a request for comment Tuesday.

The Trump administration is not directly involved in administering $TRUMP coin. As for the dinner, a White House official said in a statement that the president ‘is working to secure GOOD deals for the American people, not for himself.’

‘President Trump only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media,” White House spokesperson Anna Kelly said.

While Trump has not been as aggressive in directly promoting cryptocurrencies as some campaign backers in the industry had hoped, his administration has abandoned or paused many pending cases that had been brought against crypto entrepreneurs and businesses.

That includes Sun, who was charged in 2023 with market manipulation and offering unregistered securities. Regulators sought various injunctions against him that would have largely prevented him from participating in crypto in the U.S. The Verge, a tech industry website, had also reported Sun was the target of an FBI investigation.

But in February, the SEC, now controlled by Trump appointees, agreed to a 60-day pause of the suit in order to seek a resolution.

Two months earlier, Sun purchased $30 million in crypto tokens from World Liberty Financial (WLF), the crypto venture backed by Trump and his family, the website Popular Information reported.

Eventually, Sun became the largest publicly known investor in World Liberty after he brought his funding total to $75 million.

According to Bloomberg News, per the terms of World Liberty’s financial structure, 75% of the proceeds of token sales like Sun’s get sent to the Trump family as a fee — meaning they may have directly earned as much as $56 million.

On Jan. 22two days after Trump was inaugurated Sun posted on X, “if I have made any money in cryptocurrency, all credit goes to President Trump.”

In April, The Wall Street Journal reported that Joe Biden’s Justice Department had been investigating Sun, noting that researchers had estimated that more than half of all illicit crypto activity took place on Sun’s Tron blockchain platform. The Journal said it wasn’t clear whether the investigation was ongoing. It said Sun’s representatives declined to comment about what they called “baseless allegations about legal matters” while denying Tron enables criminal activity.

Sun may now be a multibillionaire, with a net worth estimated at $8.5 billion, according to Forbes. He reportedly was forced to spend $2 billion to shore up one of his crypto firms that was facing collapse in 2022.

He did not immediately respond to a request for comment about what he hoped to get out of the dinner with the president.

Sun has also earned headlines for purchasing ‘Comedian,’ an art installation composed of a banana duct-taped to a wall, for $6.2 million, and for buying lunch with Warren Buffett for $4.57 million.

This post appeared first on NBC NEWS

Raising prices on consumers to cover the costs of President Donald Trump’s tariffs will be Target’s ‘very last resort,’ CEO Brian Cornell said Wednesday.

The remarks came as Target reported weaker-than-expected sales in its first quarter and cut its full-year forecast. The retailer, whose business hasn’t fared as well against rivals better known for bargain prices, has “many levers to use in mitigating the impact of tariffs,” Cornell said.

Major retailers appear to be treading cautiously around the question of price hikes after Trump slammed Walmart last weekend for warning that shoppers could pay more due to tariffs. In the days since, Target, Lowe’s and Home Depot have each made carefully worded remarks about the potential for higher prices or minimized discussion of tariffs altogether.

Walmart said last week that it customers would likely start seeing some prices climb as soon as this month because tariffs have created a more “challenging environment to operate in.” While presidents typically avoid appearing to dictate individual companies’ strategies, Trump castigated Walmart on his social media platform, demanding that it “EAT THE TARIFFS” and adding, “I’ll be watching, and so will your customers!!!”

“We’ll keep prices as low as we can for as long as we can given the reality of small retail margins,” Walmart told NBC News Saturday in response to Trump’s post. Days later, Home Depot all but ruled out near-term price hikes, citing its scale and supply-chain arrangements. Lowe’s barely mentioned tariffs when it reported earnings Wednesday but said just 20% of what its shoppers buy now comes from China, after years of diversifying its sourcing.

For Target, Cornell emphasized that tariffs were just one factor in a series of “massive potential costs” the company is grappling with. He pointed to consumer uncertainty over the direction of the economy and a high-profile backlash over Target’s watering down of its diversity, equity and inclusion policies. The retailer had expanded those initiatives after police murdered George Floyd in its hometown, Minneapolis, five years ago this weekend.

Target has rolled out discounts over the past year to lure inflation-weary shoppers and touted plans to expand its third-party marketplace to offer a broader range of items. To deal with new trade policy challenges, it’s negotiating with vendors, reassessing its product lineup and adjusting its foreign supply chain, Chief Commercial Officer Rick Gomez told investors Wednesday.

‘Half of what we sell comes from the U.S.,’ he said, adding that Target is expanding production in the United States and in other countries outside of China, whose exports currently face a 30% import tax.

Target’s stock fell more than 5% Wednesday during a broader market sell-off.

Some major companies that sell products at leading retailers have raised prices or said they’re considering doing so, including toolmaker Stanley Black & Decker, consumer products giant Procter & Gamble, sportswear brand Adidas and toy maker Mattel.

Mattel, the maker of Barbie dolls, has also come under fire from Trump, who threatened to hit it with 100% tariffs this month, after it signaled price hikes were on the table.

Big companies generally have more latitude to handle cost increases and other economic headwinds than their smaller counterparts. The U.S. Chamber of Commerce and independent business owners have warned that tariffs threaten to snuff out many small operators, chipping away at the competition for already large corporate rivals.

The National Retail Federation, which represents some of the biggest retailers in the country, has emphasized that risk in lobbying against new levies. “Small and medium-sized businesses will be disproportionately affected by the tariffs, with many saying they will have to raise prices or shut down,” it says on its website.

So far, “consumers are still spending despite widespread pessimism fueled by rising tariffs,” NRF Chief Economist Jack Kleinhenz said in a statement last week after retail sales eked out a modest 0.1% rise in April.

But even the largest multinational companies aren’t insulated from tariff-driven uncertainty, the NFR and industry analysts say. Like Target, several large firms have revised or scrapped their financial outlooks in recent weeks, unsure how the White House’s trade agenda will affect them. Nike plans to increase prices on several items between now and June 1, a person familiar with the matter told NBC News on Wednesday.

Not every retailer is voicing tariff jitters. The parent company of T.J. Maxx and Marshalls beat sales estimates Wednesday and maintained its full-year forecast. The discounter, which buys unsold merchandise from other brands that have already paid tariffs on much of it, said it expects to be able to handle the pressure from higher import taxes.

Sportswear brand Canada Goose, which makes popular winter jackets, also exceeded Wall Street expectations. But it joined the slew of companies pulling their forecasts for the rest of the year, citing an “unpredictable global trade environment.”

This post appeared first on NBC NEWS

In this video, Frank dives into some of his favorite features on StockCharts.com. He then dissects the S&P 500 and Bitcoin price action, before exploring the the XLK Technology ETF’s explosive move off the lows. He also highlights a few recent trade ideas and setups worth watching. Get trade ideas and chart setups worth watching in today’s technical review.

This video originally premiered on May 20, 2025.

You can view previously recorded videos from Frank and other industry experts at this link.

Thanks to exchange-traded funds (ETFs), investors don’t have to be tied to one specific stock. When it comes to biotech ETFs, they give sector participants exposure to many biotech companies via one vehicle.

ETFs are a popular choice as they allow investors to enter the market more safely compared to investing in standalone stocks. A key advantage is that even if one company in the ETF takes a hit, the impact will be less direct.

All other figures were also current as of that date. Read on to learn more about these investment vehicles.

1. ALPS Medical Breakthroughs ETF (ARCA:SBIO)

AUM: US$80.23 million

Launched in December 2014, the ALPS Medical Breakthroughs ETF tracks small- and mid-cap biotech stocks that have one or more drugs in either Phase II or Phase III US FDA clinical trials. Its holdings must have a market cap between US$200 million and US$5 billion.

There are 100 holdings in this biotechnology fund, with about 60 percent being small- and micro-cap stocks. Its top holdings include Verona Pharma (NASDAQ:VRNA) at a weight of 5.31 percent, Alkermes (NASDAQ:ALKS) at 4.41 percent and Axsome Therapeutics (NASDAQ:AXSM) at 4.24 percent.

2. Tema Oncology ETF (NASDAQ:CANC)

AUM: US$63.67 million

The Tema Oncology ETF provides exposure to biotech companies operating in the oncology industry. It includes companies developing a range of cancer treatments, including CAR-T cell therapies and bispecific antibodies.

Launched in August 2023, there are 52 holdings in this biotechnology fund, of which about half are small- to mid-cap stocks and 4 percent are micro-cap stocks. Among its top holdings are Revolution Medicines (NASDAQ:RVMD) at a 6.05 percent weight, Roche Holding (OTCQX:RHHBF,SWX:RO) at a weight of 5.08 percent and Eli Lilly and Company (NYSE:LLY) at 4.87 percent.

3. Tema GLP-1 Obesity and Cardiometabolic ETF (NASDAQ:HRTS)

AUM: US$51.5 million

Launched in November 2023, the Tema GLP-1 Obesity and Cardiometabolic ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. The fund was renamed on March 25 from Tema Cardiovascular and Metabolic ETF. More than three-quarters of its holdings are based in the US.

There are 47 holdings in this biotechnology fund, with about 75 percent being large-cap stocks and 18 percent mid-cap. Its top holdings are Eli Lilly and Company at a 9.92 percent weight, Abbott Laboratories (NYSE:ABT) at 4.77 percent and AstraZeneca (NASDAQ:AZN) at 4.14 percent.

4. ProShares Ultra NASDAQ Biotechnology (NASDAQ:BIB)

AUM: US$44.19 million

The ProShares Ultra NASDAQ Biotechnology ETF was launched in April 2010 and is leveraged to offer twice daily long exposure to the broad-based NASDAQ Biotechnology Index, making it an ideal choice “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.” However, analysts also advise investors with a low risk tolerance or a buy-and-hold strategy against investing in this fund due to its unique nature.

Of the 268 holdings in this ETF, the top biotech stocks in the ETF are Gilead Sciences (NASDAQ:GILD) at a 6.06 percent weight, Vertex Pharmaceuticals (NASDAQ:VRTX) at 5.99 percent and Amgen (NASDAQ:AMGN) at 5.84 percent. Additionally, over a third of its holdings are in United States Treasury Bills.

5. Direxion Daily S&P Biotech Bear 3x Shares (ARCA:LABD)

AUM: US$43.42 million

The Direxion Daily S&P Biotech Bear 3x Shares ETF is designed to provide three times the daily return of the inverse of the S&P Biotechnology Select Industry Index, meaning that it rises in value when the index falls and falls in value when it rises. Leveraged inverse ETFs are designed for short-term trading and are not suitable to hold long-term. They also carry a high degree of risk as they can be significantly affected by market volatility.

The top three life science holdings in this ETF are Exact Sciences (NASDAQ:EXAS) at a weight of 2.23 percent, Alnylam Pharmaceuticals (NASDAQ:ALNY) at a weight of 2.15 percent and Neurocrine Biosciences (NASDAQ:NBIX) at 2.03 percent.

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

This post appeared first on investingnews.com

Despite economic and geopolitical upheaval, 2024 was relatively calm for platinum-group metals (PGMs).

In its new PGMs report, research firm Metals Focus notes that all five PGMs — platinum, palladium, rhodium, iridium and ruthenium — ended 2024 in physical deficit, marking a pivotal year of stabilization and supply strain.

With tightening mine output, rising hybrid vehicle demand and industrial shifts driving ruthenium and iridium gains, 2025 is set to test the sector’s resilience amid constrained supply and cautious investor sentiment.

As the sector looks to 2025, the outlook remains constrained but cautiously optimistic.

PGM supply constraints widen deficits

While all five PGMs were in physical deficit last year, overall mine supply did edge on 2 percent year-on-year.

However, Metals Focus notes that this figure masks underlying weaknesses.

Much of the gain stemmed from temporary factors, such as the release of work-in-process stockpiles, particularly in South Africa, which accounted for a significant portion of the PGMs inventory processed during the year.

Platinum mine supply rose 3 percent to 5.77 million ounces, mainly due to output from South Africa, whose production exceeded 4 million ounces for the first time since 2021. Yet stripping out the one-time work-in-process boost, global production was more than 1 million ounces below the 2010 to 2021 average of 14.95 million ounces.

For palladium, mine supply rose less than 1 percent, bolstered by modest gains in Russia and stock drawdowns in South Africa, even as Canadian output dropped 10 percent due to price pressure.

The report notes that production cuts in high-cost regions were inevitable, owing to closures like Sibanye-Stillwater’s (NYSE:SBSW) shutdown of Stillwater West and curtailed operations at East Boulder.

In total, platinum ended the year with a second consecutive shortfall. Palladium was short by 407,000 ounces, continuing a near-decade trend of tightness. Rhodium, ruthenium and iridium also closed the year with deficits of 178,000 ounces, 219,000 ounces and 49,000 ounces, respectively — an across-the-board supply squeeze not seen in years.

Demand for PGMs shifts under electrification and industrial dynamics

On the demand side, the automotive sector — the dominant consumer of PGMs — saw a 4 percent contraction in fabrication demand to 12.14 million ounces, the first such drop since the pandemic year of 2020.

The continued rise of battery electric vehicles (BEVs), which do not use PGMs in their drivetrains, contributed to a 2 percent decline in catalyzed vehicle output. Although BEV growth slowed to 9 percent — its weakest since the technology gained mainstream traction — its market share still rose from 12 percent to 13 percent.

Hybrids, however, offered a bright spot for PGMs, with production jumping 28 percent and often requiring heavier PGM loadings than traditional internal combustion engine (ICE) vehicles. This helped cushion demand for autocatalysts, particularly platinum, which saw slower rates of palladium substitution as the price gap narrowed.

Platinum demand, in contrast, overall fell by 2 percent to 7.79 million ounces. Automotive and industrial usage were also dragged down by a 27 percent plunge in chemical applications, particularly in China’s paraxylene sector.

But jewelry demand surged 9 percent — its strongest growth since 2019 — driven by India’s booming export orders and Japanese consumers shifting from gold due to its soaring price.

Ruthenium and iridium, the lesser-known PGMs, also saw rising industrial relevance.

Ruthenium demand surged by 20 percent — reaching its highest level since 2006 — fueled by China’s caprolactam chemical sector and artificial intelligence-driven growth in hard disk drive production.

Meanwhile, iridium demand jumped 15 percent to a record 298,000 ounces, driven by ballast water treatment systems, acetic acid output, and early stage copper foil applications.

Palladium, long buoyed by ICE reliance, saw total demand fall 4 percent to 9.75 million ounces.

Automotive fabrication dropped 5 percent, with thrifting and substitution playing an increasing role, though the latter slowed due to narrowing discounts with platinum. Industrial use remained stable, down less than 1 percent, with electronics up 1 percent amid recovering consumer tech and AI hardware growth.

Recycling gains traction, but can’t fill supply gap

Secondary supply helped offset falling mine output, with autocatalyst recycling up 9 percent year-on-year.

Metals Focus largely attributes this gain to higher vehicle scrappage rates, improved new car sales and aggressive recycling incentives in China. Still, recycling fell short of restoring equilibrium.

Platinum secondary supply rose just 1 percent as jewelry recycling remained weak, with Chinese and Japanese flows down due to sustained low prices and reduced scrap availability.

Palladium fared better with a 9 percent increase — its strongest growth in five years — again led by China, where palladium dominates catalytic converter formulations.

Yet, even with these gains, total recycling volumes were insufficient to offset underlying shortfalls. Jewelry scrap fell by 29 percent for platinum and 45 percent for palladium compared to 2021, underscoring a structural shift in the recycling base amid changing consumer behavior and metal substitution.

PGMs prices stabilize, but caution prevails

PGMs prices stayed fairly in 2024, with volatility restrained.

Platinum traded within a tight US$850 to US$1,100 per ounce band, hovering mostly from US$900 to US$1,000.

Palladium, despite ongoing bearish sentiment, found support at US$900 per ounce, while rhodium stabilized around US$4,400 per ounce after collapsing from highs above US$29,000 in 2021. Meanwhile, iridium fell 12 percent in price over the year, though bargain hunters helped maintain a floor around US$4,000 per ounce.

Ruthenium rebounded 24 percent from September lows, ending the year supported by robust Chinese demand.

While the PGMs markets appear to be finding their bottom, the Metals Focus report emphasizes that the risk of supply squeezes and price spikes remains.

Indeed, short positioning on the CME contributed to sporadic rallies, especially for palladium. Net managed money positions averaged 1.05 million ounces short for the year, peaking at 1.63 million ounces in August.

Metals Focus’ 2025 PGMs outlook

Looking ahead, 2025 is expected to continue many of 2024’s trends.

Physical deficits will persist, particularly in rhodium, ruthenium, and platinum. Above-ground stocks (AGS) remain elevated for platinum and palladium, muting potential price rallies, but continued mine cutbacks could shift this balance over time.

Forecasts suggest platinum will average US$970/oz, up slightly from 2024. Palladium is expected to average US$930, down 5 percent year-on-year, while rhodium may rise 8 percent to US$5,000, supported by its deficit and scarce above-ground reserves.

Ruthenium is forecast to jump 26 percent to US$550, with iridium expected to average US$4,100, a 14 percent drop driven largely by 2024’s elevated base.

In sum, 2024 marked a transitional year for the PGMs—one of normalization rather than expansion. Supply remains tight, demand is recalibrating in the face of technological shifts, and investors are returning cautiously.

Whether 2025 brings further recovery or renewed disruption for the collective will depend not just on markets—but on mines, metals, and momentum-shifting market sentiment.

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

This post appeared first on investingnews.com

In the absence of unified federal legislation on cryptocurrencies, New York is establishing its own comprehensive regulations for the sector as it looks to become the world’s crypto capital.

Adrienne Harris, superintendent of the New York Department of Financial Services (DFS), is playing a key role in this endeavor, and she says her approach is grounded in experience, not ideology.

“I have never been a believer that you should have ideology in financial regulation,” Harris said during a discussion at last week’s Consensus conference, held from May 14 to 16 in Toronto.

“I really am a firm believer that you can protect consumers and markets, look after the safety and soundness of companies and be good for business all at the same time. And we really seek to prove that out every day at DFS.”

Appointed in 2021, Harris described her stints in big law, the US Department of the Treasury, the Obama White House, Silicon Valley and academia. Her influence as a regulator has arguably been most deeply felt in crypto, where New York’s licensing regime — particularly its much-discussed BitLicense — has served as both a gatekeeper and a benchmark.

“There is unnecessarily tough, and then there’s necessarily tough,” Harris explained. “I think prior to me and my team coming in, things were probably unnecessarily tough … the team was under-resourced. There were maybe 30 people in the crypto unit. Now we have 60 people that are dedicated to virtual currency every day, all day.”

Under Harris’ leadership, the DFS has implemented an applications manual, instituted pre-application meetings and issued nine pieces of regulatory guidance. These reforms aim to demystify a process long criticized as opaque.

And while the BitLicense remains difficult to obtain, Harris believes the outcome justifies the rigor: “FTX, Voyager and Celsius didn’t pass our test, and therefore couldn’t do business in New York.”

This tough-but-fair regulatory stance has elevated New York’s position not only domestically, but also globally.

Even with various international counterparts, Harris told the Consensus audience that New York has become “the gold standard” in how virtual currencies are regulated. That international recognition is becoming increasingly formalized through initiatives like the DFS’ transatlantic regulatory exchange program with the Bank of England.

“They’ve sent us some senior staff. We’ve sent them some senior staff. It was really an arm-wrestling match to see who was going to get to move to London for six months to a year,” Harris joked. The program, which focuses on payments and cryptocurrencies, is already expanding to include other regulators in Europe and Asia.

Closer to home, Harris said the DFS is also working closely with Congress on stablecoin legislation.

“There isn’t a version of any of those bills — be it House or Senate, Rs or Ds — that don’t come to me and to the team to say, ‘Give us your feedback, give us your technical assistance, your insights,’” she said.

The DFS has already pioneered its own stablecoin guidelines, which require that any licensed stablecoin in New York be fully backed by a reserve of assets. That initiative, like much of DFS’ crypto framework, has been driven by a regulatory unit that Harris described as perhaps the largest of its kind anywhere in the world.

“We have folks that came from the (US Federal Reserve), we have cryptographers, we have financial crime experts … we have some real sort of crypto bros on the team. So it’s a great mix of expertise.”

Despite building out that workforce to 60 full-time crypto regulators, Harris admitted that resource constraints remain.

She noted that the DFS has hired more than 600 people across the department during her tenure and continues to recruit — especially amid talent shifts from federal agencies.

The result of all this work, Harris argued, is a regulatory environment that fosters innovation rather than hinders it.

“It used to be that people would say the regulations stifled that ecosystem, that innovation. But what we’ve learned over time is that that clarity, that certainty, that transparency really provides a fertile ground for that innovation,’ she said.

That sentiment is reflected in how regulated firms market themselves abroad. “Our regulated crypto companies market the fact that they are regulated by DFS,” Harris continued. “When they go overseas, they are telling those other regulators, ‘We have a license from DFS.’ And it goes a long way toward growing the ecosystem in New York.”

She also credited state leadership for supporting a dual agenda of consumer protection and economic development, citing New York Governor Kathy Hochul’s ‘steadfast commitment’ to making sure New York is a hub for responsible innovation. This growth aligns with Mayor Eric Adams’ ambition to make New York City the crypto capital not just of the US, but also the world — an aspiration Harris sees as within reach, if not already reality.

“When we think about crypto — having the fastest-growing sector in New York — put that together with the fact that New York is really the financial capital of the world. That is an environment, I think, perfect for the crypto ecosystem.”

Looking ahead, Harris said the DFS will continue on its current path, even as it hopes for stronger federal engagement.

“Hopefully we have federal legislation done, and some of those federal rules will be coming into place,” she said.

“We’re thinking about, of course, (artificial intelligence) and crypto. We’re thinking about deepfakes and market manipulation and crypto, and how those things overlap.”

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

This post appeared first on investingnews.com

President Donald Trump’s rallying speech to House Republicans Tuesday morning wasn’t enough to convince some holdouts to unite behind his ‘big, beautiful bill’ ahead of a planned vote this week.

Trump urged Republicans to cease infighting on Medicaid reform and state and local tax (SALT) deduction caps at the House GOP’s weekly conference meeting. Several Republicans who emerged said they were still concerned enough to oppose the bill, however.

House Freedom Caucus Chair Andy Harris, Rep. Eric Burlison of Missouri, Rep. Thomas Massie of Kentucky and representatives Nick LaLota, Mike Lawler and Andrew Garbino of New York told Fox News Digital Tuesday they would vote against the bill if changes were not made.

On the other hand, Trump did persuade some people. Rep. Ralph Norman of South Carolina, one of several Republicans to sink a committee vote on the bill Friday, told reporters he would review it and make a ‘judgment call’ ahead of a 1 a.m. meeting to advance the bill through the House Rules Committee.

Norman said Trump did a ‘fantastic job’ and delivered ‘one of the best speeches I’ve heard’ at the House GOP meeting, and he urged his blue state colleagues to ‘take the words the president said to heart about SALT.’

Norman and Rep. Chip Roy, R-Texas, are both members of the powerful rules panel who have not been shy about their concerns with the current bill. The committee acts as the final gatekeeper before most legislation sees a full House vote.

Roy did not appear to attend Trump’s speech but told reporters Monday evening the 1 a.m. Wednesday vote should be postponed.

But the New York Republicans weren’t budging after Trump’s ‘big, beautiful’ speech, maintaining the bill doesn’t go far enough to deliver for middle-class New Yorkers on the SALT deduction cap.

‘This is the single biggest issue that I’ve talked about, and, with all due respect to the president, I’m not budging,’ Lawler said. 

‘Between property taxes and income taxes, it blows well past the $30,000 cap with the $400,000 income cap. So, as I’ve said repeatedly, that is insufficient. We will continue the dialogue with leadership, but as it stands right now, I do not support the bill,’ Lawler said. 

Lawler said SALT is one of the biggest issues affecting his district in New York and campaigned on never supporting a tax bill that doesn’t ‘adequately lift the cap.’

‘The president can say whatever he wants, and I respect him, but the fact is, I certainly understand my district. I’m one of only three Republican members that won in a district Kamala Harris won, and I did so for reasons,’ Lawler said. 

‘We need a little more SALT on the table to get to this,’ fellow New York Republican LaLota added. ‘I hope the president’s presence motivates my leadership to give us a number that we can go sell back home.’

LaLota said while he is still a ‘no,’ he hopes ‘the president’s presence here today motivates some folks in the Ways and Means Committee and my leadership to give us a number to which we can actually say ‘yes.’’

When asked if Trump did enough to ease concerns in Tuesday’s meeting, Garbarino, another New York Republican, said, ‘No. There were no specifics. … It was more of a rally. We need to get this done.’

‘We share President Trump’s call for unity within the House Republican Conference,’ Rep. Young Kim, R-Calif., said in a joint statement after Trump’s visit to Capitol Hill. 

‘We hope his remarks today motivate the Speaker to advance a SALT proposal that delivers meaningful relief for our middle-class constituents, as we have worked in good faith with House Leadership for more than a year,’ the statement from Kim, Garbarino, Lawler, LaLota and Rep. Tom Kean, R-N.J., said.

Meanwhile, Trump urged Republicans not to ‘f— with’ Medicaid in his speech, though different factions came to different conclusions about what he meant.

Rep. Andy Ogles of Tennessee, who was not in the room for Trump’s speech, called for more cuts to the entitlement program in an X post Tuesday afternoon but told Fox News Digital he was opposed to the legislation as written.

‘I agree with President Trump — we must crush the waste, fraud, and abuse. Liberal states like California and New York are abusing Medicaid — and making you pay for it. Illegal aliens and freeloaders have no right to taxpayer-funded benefits,’ Ogles said on X.

Other fiscal conservatives, like Ogles, who were in the room, said the bill does not go far enough to reform Medicaid and would also vote ‘no’ in the bill’s current form. 

‘I think it’s inappropriate for us to say we’re not going to touch it and then leave all of this fraud that’s happening in the system,’ Burlison said. 

Harris, the House Freedom Caucus chair, said, ‘I can’t support the bill. It does not eliminate waste, fraud and abuse in Medicaid. The president called for waste, fraud and abuse to be eliminated. I don’t think that’s where the bill sits.’

Massie, known for being a libertarian, was unconvinced by Trump’s appearance, telling reporters that his constituents didn’t ‘vote for increased deficits and Biden-level spending.’

He acknowledged that younger members or those who harbor ambitions for higher office would likely fall in line, however.

‘I think he probably closed the deal in there,’ Massie said. 

SALT deduction caps and Medicaid remain two of the biggest sticking points in Republican negotiations. SALT deduction caps primarily benefit people living in high-cost-of-living areas like New York City, Los Angeles and their surrounding suburbs. Republicans representing those areas have argued that raising the SALT deduction cap is a critical issue and that a failure to address it could cost the GOP the House majority in the 2026 midterms.

Republicans in redder, lower-tax areas have said in response that SALT deductions favor wealthy people living in Democrat-controlled states and that such deductions reward progressive high-tax policies.

It was Trump’s Tax Cuts and Jobs Act of 2017 that first instituted caps on SALT deductions, setting the maximum at $10,000 for both married couples and single filers.

SALT Caucus members have rejected House Republican leaders’ offer to increase that to $30,000.

Members of the conservative House Freedom Caucus, meanwhile, are pushing for the bill to be more aggressive in cutting waste, fraud and abuse in the Medicaid system, including a faster timeline for implementing work requirements for able-bodied recipients. Currently, the legislation has work requirements kicking in 2029.

They also want to restructure Medicaid cost-sharing to put a bigger burden on the states. Moderates, meanwhile, have been wary of making significant cuts to the program.

House GOP leaders are hoping to hold a full House vote on the bill this week.

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President Donald Trump and Defense Secretary Pete Hegseth announced the U.S. will soon begin construction of a ‘Golden Dome’ missile defense system they say will be a next-generation ‘game changer’ protecting the American homeland from outside adversaries.

A similar system, the Iron Dome, has already been developed in Israel with U.S. assistance and has proven effective in repelling missile attacks. Now. Trump says a bigger, more technologically advanced, multi-layered dome system will soon be installed in America.  

The president announced the ‘one big beautiful’ budget bill being discussed in Congress will include $25 billion in initial funding for the project, which he expects will cost $175 billion overall. He said he expects a major phase of the dome will be complete in under three years and that it will be ‘fully operational before the end of my term.’

He noted there is significant support for the project in Congress, quipping, ‘It’s amazing how easy this one is to fund.’

‘In the campaign, I promised the American people that I would build a cutting-edge missile defense shield to protect our homeland from the threat of foreign missile attack. And that’s what we’re doing today,’ he said, adding that the Golden Dome ‘will be capable of intercepting missiles even if they are launched from the other side of the world and even if they are launched from space.’

Trump also announced he is placing Space Force Gen. Michael Guetlein in charge of the project, saying, ‘No one is more qualified for this job.’

Hegseth called the Golden Dome a ‘bold initiative’ and another addition to Trump’s ‘long and growing list of promises made and promises kept.’

He said investing in the new system is essential to respond to growing threats from countries like Russia and China.

‘Ultimately, this right here, the Golden Dome for America, is a game changer,’ said Hegseth. ‘It’s a generational investment in the security of America and Americans.’

Addressing Trump, Hegseth said, ‘Mr. President, you said we’re going to secure our southern border and get 100% operational control after the previous administration allowed an invasion of people into our country. President Reagan 40 years ago cast the vision for it. The technology wasn’t there. Now it is, and you’re following through to say we will protect the homeland from cruise missiles, ballistic missiles, hypersonic missiles, drones, whether they’re conventional or nuclear.’

Guetlein indicated the Golden Dome is necessary to preserve the safety, security and the quality of life Americans are used to.

‘We owe it to our children and our children’s children to protect them and afford them a quality of life that we have all grown up enjoying. Golden dome will afford that,’ said Guetlein.

The general said ‘our adversaries have become very capable and very intent on holding the homeland at risk.’

‘While we have been focused on keeping the peace overseas, our adversaries have been quickly modernizing their nuclear forces, building up ballistic missiles capable of hosting multiple warheads, building out hypersonic missiles capable of attacking the United States within an hour and traveling at 6,000 miles an hour, building cruise missiles that can navigate around our radar and our defenses, building submarines that can sneak up on our shores and, worse yet, building space weapons,’ Guetlein said. 

‘It is time that we change that equation and start doubling down on the protection of the homeland.’

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