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5 unexpected challenges for EV owners worth considering EV ownership comes with unique challenges, but most drivers didn’t anticipate these five surprising issues. Convincing the motoring public to drive electric has been an uphill battle. Although most people agree that curbing greenhouse gas emissions on the road benefits the environment and human health, selling sustainability isn’t straightforward. High up-front costs, range anxiety, limited model options, and scarce public charging infrastructure were early barriers to adoption. These factors made many car buyers think twice before embracing EV ownership. Eventually, pure-play EV companies and traditional auto brands addressed the main criticisms against electric cars enough to influence public sentiment. Increased production flooded the market with enough supply. EV range has skyrocketed due to advancements in battery technology, while model availability and public charging networks have expanded. EV sales spiked as consumer confidence and interest in hybrid and zero-emission cars rose. Then came concerns about steep maintenance fees associated with the complexity of EV repair. The shortage of qualified mechanics drives up labor costs, and limited replacement component sources also prolong repair times. These factors render broken EVs out of service for extended periods and make them financially draining to repair. In 2024, the perception of expensive battery replacement became the top deterrent to EV ownership among consumers in the United States, making 27% of potential first-time buyers think twice about purchasing one. Electric vehicle adoption continues despite buyer reservations and owner concerns. Hybrids have gained traction as a compromise solution, offering a stepping stone to full electric adoption. Automakers have deployed winning strategies to calm skeptics, including highlighting that EV batteries lose only about 1.8% of their capacity yearly and offering 100,000-mile or eight-year battery warranties. However, as more consumers adopt electric vehicles, stories of unexpected ownership challenges have emerged, giving potential buyers pause. Some issues are merely inconvenient, while others have made national headlines. Here are five problems EV owners have encountered. 2 / 6 1. Phantom braking Many EVs come equipped with advanced driver assistance systems that can cause sudden, unexpected braking during trips — an experience many drivers encounter for the first time in electric vehicles. Features like traffic-aware cruise control and automatic emergency braking sometimes activate without cause, though the same issue can occur in gas-powered cars with similar technology. These systems mistake shadows, sun glare, and other harmless environmental factors for obstacles. While manufacturers can issue software fixes, the unsettling experience often leaves drivers wary of the technology. 3 / 6 2. Noiseless driving Aditya Panchal | Unsplash While drivers expect electric motors to be quieter than gas engines, many are startled by how soundless EVs actually are, particularly at slower speeds. The Mercedes-Benz EQS registers just 65.3 dB at 74.6 mph — slightly louder than typical conversation. The lack of engine noise creates safety hazards for pedestrians, cyclists, and individuals with visual impairments who rely on audio cues to detect oncoming traffic. Many countries now require EVs to emit artificial sounds at low speeds. 4 / 6 3. Pest invasion Paul Sladen | Wikimedia Commons EV home charging stations located inside garages tend to attract insects that thrive in warm, enclosed environments. Bugs like spiders and carpet beetles lay about 100 eggs at a time, so countless hatchlings can swarm electronic devices that can get toasty after operation. Rodents love gnawing on cords to keep their continuously growing incisors in check. Mice may target EV charging cables for their stiffness.  Even outside of home charging stations, some EV owners have reported finding insects making their homes in public EV charging ports, likely drawn in by the electrical charge. Pest damage can be a significant expense for EV maintenance that most owners realize too late. 5 / 6 4. Disregard for public charging etiquette EV public charging etiquette is ever-evolving, but many agree that unplugging someone else’s vehicle without the owner’s permission is rude. Using charging bays solely for parking and not moving EVs promptly once they are fully charged is also disrespectful. Unspoken rules spread slowly by nature, and social norms take time to take root. Although many EV owners are situationally aware and considerate of others, some drivers can make public charging an infuriating experience. 6 / 6 5. Battery fire hazards Dominik Sostmann | Unsplash Some EV models have spontaneously combusted while charging or parked, separate from any collision. EV batteries can experience thermal runaway, where a cell overheats and triggers a chain reaction that leads to uncontrollable temperature escalation. Additionally, while any vehicle can catch fire in an accident, EVs present unique post-crash fire dangers. Tesla’s Cybertruck recorded a fire fatality rate of 14.52 per 100,000 units in its first year — significantly higher than the Ford Pinto’s rate of 0.85 per 100,000 during its production run, according to an analysis by FuelArc News. Read More

If you’re planning your next cruise vacation, you’ve probably noticed that Royal Caribbean and Princess are two of the more popular cruise lines in the world, but they offer completely different experiences. Founded in 1968, Royal Caribbean focuses on providing in-demand amenities at affordable prices. Princess, founded in 1965, is a premium cruise line known for innovation. Suggested Reading Below is an in-depth comparison of Princess vs. Royal Caribbean. You’ll learn all about activities, entertainment, dining options, and itineraries, making it easier to choose the right cruise line for your next trip. Related Content Ship atmosphere and onboard experience No matter how many shore excursions you plan, you’ll be spending a lot of time on board your ship of choice. Here’s how the two cruise lines differ in terms of ship atmosphere and onboard experience. Princess As a premium cruise line, Princess emphasizes sophistication in atmosphere and onboard experience. Many Princess ships offer panoramic views of the ocean, along with elegant decor and multiple stateroom options. Some ships have interior and ocean view staterooms, while others offer a variety of suite experiences. For example, the Star Princess has four types of suites, a mini-suite, and a balcony stateroom available, giving you more choices in your environment. Royal Caribbean Royal Caribbean captured about one-fourth of the cruise market by making the onboard experience as attractive as possible. If you’re on a budget, you can save money by booking an interior stateroom, which comes with basic amenities and accommodates up to six guests. Willing to spend extra for a somewhat luxurious experience? Royal Caribbean also offers balcony staterooms and suite staterooms. You’ll also have the opportunity to book connecting rooms. Royal Caribbean ships have a lively atmosphere. The exact decor depends on the particular ship you choose, but Royal Caribbean is known for using bright colors in common areas and neutral colors in cabins. Activities and entertainment Both cruise lines offer a variety of activities and entertainment options. Here are the highlights: Princess cruise highlights: Princess is best suited for solo travelers or couples looking for a romantic getaway. Destination-themed activities include hula dancing in Hawaii, Brazilian samba dancers in South America, and street pan drum lessons in the Caribbean. Passengers can also try their luck in the onboard casino, take cooking classes, participate in wine tastings, or attend art history lectures. Live entertainment ranges from Broadway-style musicals to the Deal or No Deal game show experience. Royal Caribbean cruise highlights: Royal Caribbean is ideal for families, as it has plenty of onboard activities for kids. Highlights include the Big Shark Block Party, Royal Escape Room, Seaplex (bumper cars, indoor basketball, and more), and a teen hideout on Icon Class ships. In addition to an onboard casino and music hall, Royal Caribbean offers ice skating shows, Broadway-style musicals, and comedy performances. Dining options and quality Princess Depending on which ship you choose, Princess gives you access to up to nine complimentary dining options while you’re on board. Princess ships also have specialty restaurants, such as an American-style steakhouse and an Italian restaurant called Sabatini’s. Adventurous travelers can take advantage of several immersive dining experiences. For example, diners at 360 enjoy a seven-course meal in the round, making the experience ideal for large groups. Wine Spectator even recognized Princess with the Award of Excellence for quality in its 15 main dining rooms. Princess ships generally receive positive reviews for dining quality and variety, with Julia Smith of Delish reporting that she’s “never left a trip so rested or so full.” You can wear jeans or shorts to your favorite casual spots, or dress up for the Main Dining Room, Crown Grill, or any of the specialty restaurants on board a Princess ship. Royal Caribbean Royal Caribbean ships have both casual and specialty dining options, giving you more control over your time on board. The cruise line’s casual eateries include Café Promenade, Windjammer, Dog House, and El Loco Fresh. If you don’t feel like eating with a group, you can have burgers, sandwiches, and salads delivered right to your stateroom. Specialty dining options include Chef’s Table, Giovanni’s Italian Kitchen, and Chops Grille. Craving the tastes of Tokyo? Head to Izumi for teppanyaki prepared tableside. Reviews on Royal Caribbean’s food are mixed, with some travelers reporting inconsistent quality at the cruise line’s casual dining locations. If you feel like dressing up, head to Chef’s Table or 150 Central Park. You’ll find passengers wearing cocktail dresses, suits, and other formal clothing. Giovanni’s Italian Kitchen, Chops Grille, and other specialty restaurants are a little less formal, but they’re still dressy. You can dress down for Windjammer, El Loco Fresh, and other casual eateries. Destinations and itineraries Princess Princess focuses on destinations in Alaska, Europe, and the Caribbean. In fact, U.S. News Travel named Princess Cruises as the best overall cruise line in Alaska (in a tie with the Holland America Line). Despite its focus on three regions, Princess travels to all seven continents, giving travelers access to 170 itineraries and 330 ports of call. Royal Caribbean As its name implies, Royal Caribbean focuses on cruising in the Caribbean and the Bahamas. Royal Caribbean ships also travel to Asia, Alaska, and Europe. Popular Caribbean destinations include St. Kitts, St. Maarten, Belize, and Honduras. Price and value for money Pricing varies widely, but it’s helpful to understand what’s included in each cruise package. Here’s what you can expect from Princess and Royal Caribbean. Princess Princess Cruises include accommodations, onboard activities, standard entertainment options, and some meals. The base fare doesn’t cover drinks, specialty dining, gratuities, or shore excursions. While Princess is considered a premium cruise line, it offers a range of pricing options that can make cruising with them surprisingly affordable for many travelers.  Royal Caribbean Royal Caribbean typically bundles the cruise fare, fees, taxes, and port expenses into one transparent price. This price generally includes ocean transportation, ship accommodations, most meals, most entertainment, and some beverages. Additional costs may apply for services like gambling, spa and salon treatments, photographs, Wi-Fi, gratuities,

The economy has been sending mixed messages in recent months. But those messages got decidedly worse this week, with rising inflation and a brutal jobs report. It’s making everyone a little jumpy. Stock markets swing wildly on tariff headlines. The Federal Reserve, after months of cautious optimism, has downgraded its economic outlook for the remainder of the year. And while unemployment remains low on paper, the data underneath points to some warning signs for the labor market. Employers added just 73,000 jobs in July, with major downward revisions to the data for previous months, making for the worst three-month stretch since 2020. Plus it’s getting harder — and taking longer — for workers to land a new job after losing one, while wage gains remain modestly slow, according to a recent economic analysis from U.S. Bank. With so much uncertainty in the air, financial planners are urging Americans to shore up their finances now while their incomes and jobs are stable. Here are some expert tips to get started.  1. Build a bigger emergency fund The traditional rule of thumb of setting aside three to six months of living expenses for a rainy day may not be enough anymore. Travis Veenhuis, a certified financial planner with SGH Wealth Management in Lathrup Village, Michigan, recommends clients have “six to 12 months worth of expenses saved up in a safe and liquid place.” That can be a high-yield savings account (HYSA) or a money market fund. Mike Bisaro, president and CEO of Straightline Financial Planning in Troy, Michigan, agrees that prioritizing emergency funds is critical before attacking debt consolidation or reshuffling your stock portfolio. “When people are perhaps a little more vulnerable — they’re working on contracts that perhaps might not be renewed or if they’re working for any employer that might be disproportionately affected by economic conditions — you want to ideally be more aggressive with the savings,” Bisaro said. Where to keep it: Both experts recommend HYSAs, which currently earn around 4% annually. “Emergency funds should always be safe and easily accessible,” Bisaro explained, noting that even certificates of deposit, or CDs, might not be accessible enough during true emergencies. Start small: Even if you have nothing saved, don’t let that paralyze you. “Even $5 a day can come out to over $1,000 a year in terms of additional savings,” Veenhuis noted. “Just starting is the most important thing.” 2. Tackle high-interest debt strategically By the end of March, Americans amassed eye-watering levels of credit card debt to the tune of $1.18 trillion, with an overall household debt load of $18.2 trillion, according to quarterly data from the Federal Reserve Bank of New York.  With credit card interest rates exceeding 20%, debt reduction is crucial to weather financial storms. But the approach matters. Veenhuis, for instance, runs detailed analyses for his clients to determine which debts to prioritize but offers this rule of thumb: “Target your highest interest debt first. Paying off things like your credit cards with 20% interest is usually a good place to start.” Bisaro favors a modified debt snowball approach, focusing on smaller balances first but with adjustments for certain situations. When you see progress after each account is paid off, it’ll motivate you to keep going. Both experts agree that building your emergency savings fund first is key, even if it means prioritizing that over knocking out certain debt payments. However, while you do that, make sure to keep making the minimum payments across all your credit card and loan accounts to stay current. “The creation of an emergency fund truly should be the first step to a debt consolidation or a debt payoff process,” Bisaro said. “When something unexpected happens, you don’t have to go right back onto a card or right back into debt to handle it.” 3. Don’t panic about your portfolio Market volatility can trigger emotional decisions such as stock sell-offs or pulling back on investments that derail long-term savings goals. Both experts stress the importance of sticking to your investment strategy without being deterred by the headlines. “If you had a plan in place already geared towards meeting your longer term financial goals, I would say that changing substantially your risk tolerance or selling off substantial amounts of stock in those moments is a huge mistake,” Veenhuis said.  He pointed out that the average stock market return for the U.S. two years following a recession’s start is “actually a positive 8.8%.” Meanwhile, Bisaro emphasized understanding your risk tolerance. “You have to understand what that long term strategy is that fits you best […], and resist the temptation to radically alter it based on things that may be out there.” 4. Focus on what you can control: budgeting and spending With the cost of everyday essentials rising, both financial planners said that cutting discretionary spending back is necessary. However, that involves letting go of stuff nobody wants to give up. “You can’t stop eating, you can’t stop going to the doctor,” Bisaro said, adding that making temporary spending cuts can give you much-needed breathing room in your monthly budget. Veenhuis suggested looking at auto expenses and travel as potential areas to cut back. The goal: live within your means and “adopt a lifestyle that really aligns with your income,” he said. If you make those sacrifices and end up losing your income, “you weren’t overspending in the first place,” he added. 5. Diversify your income Even if you have a stable job, that can change in an instant if the economy goes into recession and companies have to make cuts. That’s why having multiple income streams can help bolster your financial position so you’re not scrambling if you lose your day job, Veenhuis said. Consider picking up a side hustle — freelance photography, consulting or writing, for instance — that aligns with your personal interests and can earn you extra money. You can put that additional income towards shoring up savings or paying down debt. Beyond side hustles, make moves

Michael Siluk/UCG/Universal Images Group via Getty Images Some of the most popular (and expensive) weight-loss drugs could soon be covered by Medicare and Medicaid — at least for a few people — under a new experiment. Suggested Reading Documents obtained by The Washington Post show that the Trump administration is planning a five-year pilot program that would let state Medicaid programs and Medicare Part D drug plans choose to cover medications such as Ozempic, Wegovy, Mounjaro, and Zepbound for weight management. Related Content The program would reportedly start in April 2026 for Medicaid and January 2027 for Medicare. It will be run by the Center for Medicare and Medicaid Innovation (CMMI), which tests new ways to deliver and pay for care. Why this matters Until now, Medicare has covered these drugs mostly for people with Type 2 diabetes. Medicaid rules vary by state. A few private insurers already pay for them for a subset of people with obesity, but government programs generally haven’t. This pilot is a big sign that Washington is warming up to the idea of covering these medications more widely — something advocates say could be life-changing for millions. The price problem GLP-1 drugs are expensive, costing $5,000 to $7,000 a year. Covering them for millions of people could cost Medicare around $35 billion between 2026 and 2034, according to Congress’s budget office. These medicines — including Ozempic and Wegovy — work by mimicking a hormone that helps people feel full, eat less, and lose weight. But most patients need to stay on them indefinitely to keep the weight off. Not everyone’s convinced Even inside the Trump administration, there are mixed opinions. CMS head Mehmet Oz has praised the drugs as “a big help” and promoted them on his old TV show. HHS Secretary Robert F. Kennedy Jr. has been more skeptical, warning about costs and urging people not to skip diet and exercise. Influential fitness experts like Jillian Michaels have also questioned whether these drugs create lasting changes — or just temporary weight loss. How it would work Plans that opt in to the pilot will have to cover the medications and provide lifestyle coaching for people using them. A new drug, Orforglipron, would also be included if it’s approved in 2026. 📬 Sign up for the Daily Brief Read More

Four flight attendants are suing Boeing over the mid-air panel blowout on an Alaska Airlines flight in January 2024. Suggested Reading In separate lawsuits, the flight attendants are seeking compensation for physical and emotional injuries caused when a panel fell from one of its planes at 16,000 feet shortly after take-off. Related Content “Each of the four flight attendants acted courageously, following their training and putting their passengers’ safety first while fearing for their lives,” said Tracy Brammeier, the attorney for each of the plaintiffs, reported Reuters. “They deserve to be wholly compensated for this life-altering traumatic experience,” she added. The lawsuits were filed on Jul. 29 in Seattle’s King County Superior Court, accusing the plane maker of negligence and failing to exercise reasonable care in producing, repairing, and selling 737 MAX 9 jets. “Boeing knew or should have known of the quality control issues present in its production of the 737 MAX line of aircraft,” the filings said, according to the reports. The incident caused a fresh crisis for Boeing, which was forced to ground nearly 200 of the jets, causing thousands of flight cancellations. Boeing was forced to pay $160 million to Alaska Airlines to make up for losses the airline suffered following the blowout. It also prompted te U.S. Justice Department to open a criminal investigation into the company, declaring that Boeing did not comply with a deferred prosecution agreement from 2021. Last month, the National Transportation Safety Board (NTSB) also said Boeing did not give adequate training, guidance, and oversight to stop the incident from happening. The NTSB said it found four bolts missing from the door plug which flew out, causing it to slowly slide out of place over more than 100 flights before the incident. In July, three passengers who sued Alaska Airlines and Boeing for $1 billion over the incident settled out of court. The lawsuit was dismissed on Jul. 7 with prejudice, meaning they are unable to refile the same case later. And in June, the Federal Aviation Authority (FAA) said it wasn’t ready to lift the production cap it set on Boeing’s 737 MAX following the incident. Acting FAA Administrator Chris Rocheleau said “not at this time” when asked by a journalist about upping the cap. The FAA limited Boeing’s ability to make more than 38 737 MAX planes a month following the 2024 emergency landing, which raised questions about the company’s production standards. Alaska Airlines and Boeing didn’t immediately respond to Quartz’s request for comment. —Ben Kesslen contributed to this article. 📬 Sign up for the Daily Brief Read More

The task force will visit 10 cities from August to December, targeting smaller crypto projects, to hear their perspectives and concerns. Aug 2, 2025, 10:30 p.m. The U.S. Securities and Exchange Commission’s new Crypto Task Force will begin a cross-country tour this month to meet with small crypto startups and expand the number of people who are heard in crypto policymaking. Led by Commissioner Hester Peirce, the task force plans to visit 10 cities from August to December, it announced in a press release. The sessions are primarily aimed at crypto-related projects with fewer than 10 employees and under two years in operation. Meetings will be held in cities including Berkeley, Boston, Dallas, Chicago, and New York. “We want to hear from people who were not able to travel for the roundtables that took place this past spring in Washington, D.C.,” Peirce said in a statement. “The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible.” The Crypto Task Force was launched in January under acting SEC Chair Mark Uyeda, in a bid to develop clearer regulations for the cryptocurrency industry. Read more: SEC Commissioner Hester Peirce on the New Crypto Task Force Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Francisco Rodrigues Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold. X icon AI Boost “AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy. Read More

Arkham Says $3.5B LuBian Bitcoin Theft Went Undetected for Nearly Five Years Arkham, a blockchain analytics firm, says it uncovered a five-year-old theft of 127,000 BTC from LuBian, a major 2020 mining pool. Updated Aug 2, 2025, 9:12 p.m. Published Aug 2, 2025, 9:02 p.m. A crypto wallet tied to a little-known Chinese mining pool may have been the victim of the largest bitcoin theft ever recorded, according to new findings from Arkham Intelligence. In an Aug. 2 thread on X, the onchain analytics firm said it had uncovered evidence that 127,426 BTC — worth $3.5 billion at the time — was stolen from LuBian Mining Pool in late December 2020. Neither LuBian nor the suspected hacker has ever publicly acknowledged the breach, and Arkham said it is the first to report the incident. LuBian was one of the largest bitcoin mining pools globally in 2020, reportedly controlling nearly 6% of Bitcoin’s total hash rate as of May that year. The hack, if confirmed, would eclipse the scale of other high-profile exploits like Mt. Gox and Bitfinex by nominal value at the time of loss. Arkham’s analysis indicates that on Dec. 28, 2020, more than 90% of LuBian’s BTC holdings were drained. Two days later, another theft involving about $6 million worth of BTC and USDT occurred, linked to a LuBian address operating on the Bitcoin Omni layer. The company appears to have moved its remaining 11,886 BTC — then worth hundreds of millions — into recovery wallets by Dec. 31, 2020. A notable detail in Arkham’s report is the presence of OP_RETURN messages — special transactions that allow data to be embedded in the Bitcoin blockchain — sent from LuBian to the hacker. According to Arkham, the mining pool spent 1.4 BTC across over 1,500 transactions attempting to contact the thief, urging them to return the stolen funds. This effort suggests the messages were genuine and originated from the rightful wallet owner. Arkham believes the vulnerability may have stemmed from LuBian’s use of a flawed private key generation algorithm that left it susceptible to brute-force attacks. The stolen BTC has apparently remained largely dormant, with the last major movement being a wallet consolidation in July 2024. Due to the price appreciation of bitcoin since 2020, the current value of the stolen assets is estimated to be $14.5 billion. That makes the wallet associated with the LuBian hacker the 13th largest BTC holder tracked by Arkham — surpassing the holdings linked to the Mt. Gox breach. As of today, both the hacker and LuBian are believed to still control their respective BTC balances. Arkham has published wallet trackers for both parties, but no additional details about the identities involved have been disclosed. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Siamak Masnavi Siamak Masnavi is a researcher specializing in blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market. He holds a PhD in computer science from the University of London and began his career in software development, including four years in the banking industry in the City of London and Zurich. In April 2018, Siamak transitioned to writing about cryptocurrency news, focusing on journalism until January 2025, when he shifted exclusively to research on the aforementioned topics. AI Boost “AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy. Read More

‘Chokepoint 3.0’ Has Arrived? a16z Warns of Anti-Crypto Bank Tactics This tactic could strangle competition by making it more costly for users to transfer funds to alternative platforms, a16z’s general partner argued. Aug 2, 2025, 6:00 p.m. Big banks are making it harder and more expensive for consumers to use fintech and crypto apps, which amounts to what could be seen as “Operation Chokepoint 3.0.” That’s according to Alex Rampell, General Partner at venture capital firm Andreessen Horowitz (a16z). In its latest fintech newsletter, Rampell pointed to traditional financial institutions charging high fees to access account data or move money, particularly to services like Coinbase or Robinhood, as a move to strangle the competition. “Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,” Rampell said. “That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like,” he added. Chokepoint 2.0 refers specifically to the debanking of crypto businesses and executives as a result of pressure exerted during President Joe Biden’s administration by regulatory authorities like the Federal Deposit Insurance Corp (FDIC). After Donald Trump was elected U.S. president, the Chokepoint 2.0 ended as regulators reversed many of the directives put in place during the previous administration. JPMorgan accusation JPMorgan Chase, one of the largest U.S. banks, was singled out as an example. Under current U.S. law, specifically Section 1033 of the Dodd-Frank Act, consumers have a right to access their own financial data. But banks are now asserting control over how that data is delivered electronically, sometimes charging fees for access to information as basic as routing and account numbers. A16z’s executive argued that such tactics could make transferring funds to alternative platforms more costly, deterring users and reducing competition. “If it suddenly costs $10 to move $100 into a crypto account,” Rampell wrote, “maybe fewer people will do it. And if JPM and others can block consumers from connecting their own freely chosen crypto and fintech apps to their bank accounts, they effectively eliminate competition.” Rampell’s words echo those of Gemini co-founder Tyler Winklevoss, who said JPMorgan charging fintech platforms for access to customer banking data will “bankrupt” them. “This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.” Read more: Winklevoss Claims JPMorgan Halted Gemini Onboarding After Data Access Fees Criticism JPMorgan hasn’t address the platform directly, but did address the criticism. The bank told Forbes that nearly 2 billion monthly requests for user data come from third parties, and that by charging fees it aims to curb misuse. Rampell, meanwhile, is calling on the Trump administration to stop such practices by the banks before they become standard among the rest of the financial institutions. “In a perfect world, consumers would vote with their wallets. But every bank will likely do this, and getting a new banking charter takes years. Many banks have hostages, not customers,” Rampell said. “We don’t need a new law; we just need the administration to prevent this callous and manipulative attempt to kill competition and consumer choice,” he added. Francisco Rodrigues Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold. X icon Read More

Michael Saylor likens Strategy’s latest Bitcoin-backed preferred stock to Apple’s iPhone, calling STRC a breakthrough in corporate finance with massive market potential. Updated Aug 2, 2025, 4:56 p.m. Published Aug 2, 2025, 4:43 p.m. Strategy (MSTR), the bitcoin-focused corporate entity formerly known as MicroStrategy, launched its Perpetual Stretch Preferred Stock (STRC) late last month — an offering Executive Chairman Michael Saylor has described as the company’s “iPhone moment.” The STRC preferred stock has already raised $2.5 billion, and a newly opened $4.2 billion at-the-market (ATM) program could extend its scale even further — offering high-yield dividends backed by bitcoin and designed to appeal to yield-seeking investors. What is STRC, and how does it work? STRC (marketed as “Stretch”) is a variable-rate, perpetual preferred stock designed to deliver stable pricing, strong yield, and easy access for income-focused investors seeking indirect bitcoin exposure. The shares pay a monthly dividend—initially set at 9% annualized—based on a $100 par value. Strategy may adjust that dividend monthly, within rules meant to keep STRC trading close to its $100 target price. Each share of STRC is overcollateralized with bitcoin at a ratio of roughly 5-to-1, meaning that for every dollar of STRC issued, Strategy holds approximately five dollars’ worth of BTC. The security sits senior to other preferred stocks like STRD, STRK, and the firm’s common equity, but remains junior to debt and the STRF preferred series. Dividends are cumulative and compound if unpaid. Importantly, if any month’s payment is missed, a dividend “stopper” activates — preventing payouts to junior securities until STRC is made whole. The stock can be redeemed at the issuer’s option once listed on Nasdaq (which it now is), and it includes a fundamental change put right at liquidation value plus any accrued dividends. The security is engineered to function like a high-yield savings instrument with bitcoin backing — without the volatility of direct crypto holdings or the duration risk of traditional preferreds. Strategy raises $2.5 billion in STRC IPO The company’s IPO of STRC raised approximately $2.5 billion through the issuance of 28 million shares priced at $90 each. The offering was announced on July 21 and closed on July 29. Proceeds will be used for general corporate purposes, including further bitcoin purchases and working capital. The board of directors declared an initial monthly dividend of $0.80 per share, with payment scheduled for Aug. 31, 2025, to shareholders of record as of August 15. Saylor described STRC as a clean, scalable instrument that solves the constraints of previous capital tools like convertible bonds and complex long-duration preferred shares. The product was designed to appeal not only to institutional allocators but also to yield-seeking retail investors. Inside the $4.2 billion ATM program On July 31, Strategy announced a new sales agreement allowing the company to issue up to $4.2 billion worth of STRC shares through an at-the-market (ATM) offering. This gives Strategy the ability to tap liquidity gradually, adjusting issuance based on market conditions and pricing. Internal guidance suggests that Strategy intends to keep issuance within a narrow band — avoiding sales below $99 or above $101 (before fees), consistent with its target of maintaining a stable $100 trading price. The firm explicitly stated it does not plan to apply this discipline to its other preferred equity programs, reinforcing STRC’s unique positioning. The ATM program allows Strategy to meet capital needs flexibly, support its dividend policy, and scale BTC acquisitions further while preserving shareholder alignment. Why Saylor calls STRC his ‘iPhone moment’ Michael Saylor sees STRC not just as another capital-raising tool — but as a turning point in corporate finance. During Strategy’s Q2 2025 earnings call on July 31, he called the product his firm’s “iPhone moment,” comparing its potential to the kind of consumer breakthrough that redefined an entire industry. At the heart of Saylor’s vision is STRC’s accessibility. Unlike Strategy’s earlier instruments — such as STRK, STRF, and STRD — which he praised as innovative but too complex or volatile for mass adoption, STRC is designed to function more like a yield-enhanced savings account. “If I walk down the street and you ask a hundred people, ‘Do you want a high-yield bank account?’ 99 out of 100 say yes,” he said, underscoring the simplicity of the pitch. He believes STRC solves two core problems: it strips away long-term volatility by targeting short duration and low price fluctuation, and it offers a consistent premium over typical bank yields. “We’ve stripped down to a one-month duration and it pays 500 basis points above your bank account,” he said, describing the instrument’s 9% variable monthly dividend. Importantly, STRC is engineered to trade near par ($100), giving investors peace of mind — especially those sensitive to price swings. Saylor emphasized that previous products lost retail traction when their principal value fluctuated by 5–10%. In contrast, STRC’s goal is to hold close to par even as bitcoin prices move, thanks to its heavy overcollateralization with BTC. “If Stretch actually hits its par and it trades with low volatility, then you could, in theory, sell a hundred billion dollars of it, two hundred billion dollars of it,” he told analysts. That, he argued, would enable Strategy to massively scale its bitcoin holdings without selling any BTC — effectively using its treasury as collateral to monetize liquidity at retail scale. In Saylor’s view, this combination — simplicity, stability, and yield — is what makes STRC transformational. Just as the iPhone reimagined how users interacted with mobile computing, STRC could redefine how companies tap capital markets in a bitcoin-native way. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Siamak Masnavi Siamak Masnavi is a researcher specializing in blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market. He holds a PhD in computer science from the University of London and began his career in software development, including four years in

Hayes suggested that markets will be impacted by President Trump’s tariffs and a weaker-than-expected US jobs report, predicting a bearish scenario for crypto Aug 2, 2025, 1:33 p.m. Arthur Hayes, the co-founder of crypto exchange BitMEX, has offloaded more than $13 million worth of crypto holdings, including ether (ETH), ethena , and pepe . Data from Arkham Intelligence shows Hayes sold millions worth of these cryptocurrencies and moved to accumulate USDC, with the stablecoin now making up over 80% of the $27.9 million in the address associated with him. The address sold 2,373 ETH worth $8.32 million, 7.76 million ENA valued at $4.62 million, and 38.86 billion PEPE for $414,700. In a post on X, he seemingly confirmed he is behind the address and pointed to a bearish scenario for the crypto space. Hayes suggested that markets will take a hit from the impact of President Donald Trump’s tariffs, some of which came into effect on Aug. 1 and others are coming on Aug. 7, which affect key trading partners. Combined with a weaker-than-expected U.S. jobs report, he argued that no major economy is expanding credit fast enough to boost nominal GDP. Against this backdrop, he predicted bitcoin could “test $100K” while ether will revisit $3,000. Y? US Tariff bill coming due in 3q … at least the mrkt believes that after NFP print. No major econ is creating enough credit fast enough to boost nominal gdp. So $BTC tests $100k, $ETH tests $3k. Come see my @WebX_Asia Tokyo keynote Aug 25 for more info. Back to the beach. https://t.co/zuHlwgQKC7 — Arthur Hayes (@CryptoHayes) August 2, 2025 The crypto market, as measured by the CoinDesk 20 (CD20) index, lost more than 7.5% of its value over the past week as rate cut hopes faded. Bitcoin outperformed the wider market with a 3.9% drop, and is now standing at $113,500. Similarly, Ether saw a 6.5% drop in the same period and now trades at $3,500. While rate cut hopes dimmed on Friday, later in the session they surged after the labor market showed signs of weakness. Polymarket traders are now weighing a 70% chance of a rate cut in September. The market is also dropping as tensions between the U.S. and Russia escalate. After former Russian President Dmitry Medvedev threatened the U.S. in response to an ultimatum on Moscow to agree to a cease-fire, Trump said he ordered two nuclear submarines to move to the “appropriate regions.” Despite the sell-off, Hayes may remain bullish. In a post last month, he said his year-end target for the price of bitcoin was $250,000, while he saw ether rise to $10,000. Francisco Rodrigues Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold. X icon Read More