EV fees are out of the budget bill — but they'll be back
Republicans in both the House and Senate say it's important for electric vehicles — and hybrids — to pay into the federal Highway Trust Fund. A big question is how.
Many Democrats and EV advocates have come to accept there will be some kind of fee on the new breed of cars and trucks, although they argue that some of the Republican proposals amount to overkill.
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'Fixing the HTF is long overdue, and Congress must tackle this growing problem,' House Transportation and Infrastructure Chair Sam Graves (R-Mo.) wrote last week in a Washington Times op-ed.
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13 minutes ago
- Yahoo
From Krispy Kreme to GoPro, has meme-stock trading frenzy returned?
Shares in struggling retailers and ageing consumer brands surged, as amateur traders cast aside Wall Street's skepticism and mobilized online. It's like 2021 all over again. But the latest meme-stock rally could be even bigger than its predecessor four years ago, when investors piled into recognizable but unloved stocks, such as the video games retailer GameStop and the movie theatre chain AMC, according to the founder of the Reddit forum that helped whip up the frenzy. Retailer Kohl's, camera firm GoPro, fast-food chain Wendy's and doughnut chain Krispy Kreme each staged rapid rallies this week, driven by abrupt surges in trading volume reminiscent of the the meme-stock craze of 2021, when social media memes boosted a collection of struggling stocks, triggering extraordinary and volatile leaps in value. Actress Sydney Sweeney helped bring clothing retailer American Eagle Outfitters into the mania after it was announced the Euphoria and White Lotus star would front the brand's latest marketing campaign. The company's shares surged about 10% in trading on Thursday. Meme stocks are 'about to leap-frog in size and scope and scale, so that retail traders are going to redefine what matters', according to Jaime Rogozinski, founder of the wallstreetbets Reddit forum behind many of the volatile rallies. 'The world of finance is clearly changing, with blockchain technologies encroaching, and AI agents that trade on their own,' he said. 'And the collective of retail traders is adapting along with it.' Rogozinski founded wallstreetbets in 2012, but said Reddit ousted him as a moderator in 2020. His bid to sue the social media company for trademark infringement was dismissed by the US court of appeals for the ninth circuit last month. The forum's users home in on stocks and share their own research. 'It's a decentralization of power of who can be financial analyst,' said Noor Al, a moderator on wallstreetbets. 'Great ideas can now come from anyone, anywhere. 'We're seeing the power of retail push stocks, sometimes to the tune of billions of dollars, through the power of ideas, the power of community and the power of the people,' he added. The meme-stock craze of 2021, which produced stars such as Roaring Kitty, was a product of the Covid era, when many amateur traders were stuck at home and flush with pandemic stimulus cash. Whether this latest frenzy produces similar winners is not yet clear. Kohl's finished the week up 32%, GoPro was up 66% and Krispy Kreme was up 41%. The rallies show some investors are willing to take on more risk, as stocks scale record highs and the market, dominated by big tech, becomes harder to beat. Often, meme-stock bets are unbound from economic fundamentals, as investors move to support a brand for romantic or ideological reasons. Donald Trump's Trump Media & Technology Group, home to Truth Social, is valued at more than $5bn on quarterly revenue of about $1m. The wallstreetbets ethos 'has always to some extent been about flaunting and exploiting the ironies, relevance or irrelevance' of the stock market, said Rogozinski, who pointed to Wendy's, the hamburger chain, as a good example. 'Wendy's has always been a meme that goes back a decade. It brings a smile to my face, because on Reddit there's always been this thing where they say: 'Sir, this is a Wendy's.' 'It's an inside joke, and I don't even get where it started. It's just a meme,' he added. The stock's fleeting rise – it rallied 10% in two days, but finished the week broadly flat – shows some retail investors do not necessarily care about the typical factors that drive the market, such as tariffs and war in the Middle East. 'It's this ability for us to almost make fun of the financial system.' Long-term institutional players will always get the last laugh, Rogozinski conceded, because prices will return to normal valuations. 'But in the short term there's lot of money to be had with this volatility, and the fact that stocks are able to move up and down with such ease is but a mere showcase for how the financial system needs a facelift in relevancy.' Related: Bed Bath & Beyond sees 'meme-stock' surge – but is it too little, too late? While current market conditions do not replicate the low interest rates and retail investor buoyancy of the Covid era, market records and a robust economy have made meme stocks attractive once again for some. 'You see all these indications where this is full-blown meme mania,' Brent Kochuba, founder of derivatives-data firm SpotGamma, told Bloomberg. 'The macro economic environment really favors the retail and speculative plays,' agreed Al. 'I think were only going to see more speculation and excitement. It's a good time to tune in, because retail players can react and provide insight faster.' Days traders are not necessarily bothered by a company's financial performance, said Rogozinski. 'You have this activist, elective investor who is saying, 'I don't care what the financial statements look like, I don't care what the discounted cashflow is, I like the food, I like the video-game store, I like the meme. So dude, you can go back to Excel spreadsheets if you want, but I really like the chicken tenders,'' he said. There is now a 'third component' to investment, beyond supply and demand, he claimed, 'which is, 'dude, I don't care if you think it's going to go up or not, or if they have assets or liabilities. I care about this company and I'm going to help it out. I'm going to go buy my jeans from American Eagle.'' Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
13 minutes ago
- Yahoo
Why you might one day use stablecoins in place of credit cards or bank accounts
If you're buying a new laptop or pair of shoes today, you may encounter a host of payment options: a credit or debit card, PayPal, Apple Pay, or buy now, pay later plans. Soon, you could see another option at checkout: stablecoins. President Trump recently signed the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, establishing federal regulations for stablecoins. Many observers believe that by establishing clear rules, lawmakers have paved the way for cryptocurrency to go mainstream as a means of payment. Even if you've never dabbled in crypto, the new law could change the way you shop, send money, get paid, and bank. What is a stablecoin? Stablecoin is a form of crypto, meaning it's digital money that runs on a blockchain network. But it's a bit different from many mainstream cryptocurrencies. Many popular cryptos like bitcoin and ethereum are notorious for their wild price swings. That volatility makes them popular with investors seeking to profit from those ups and downs. But it also makes them impractical to use as currency. As the name implies, stablecoins are intended to have a stable value. Their value is pegged to the value of another asset, usually the US dollar. For example, one token of tether or USDC (two of the most popular stablecoins) is worth exactly $1. Because its value doesn't have the dramatic highs and lows associated with most cryptos, it's a viable way to pay for goods and services or transfer funds. At the same time, it also avoids a lot of the headaches associated with traditional banking. 'Many traditional cards charge merchants 2% to 3% in fees, a cost that is ultimately passed on to consumers,' said Himal Makwana, senior vice president and head of strategy and new initiatives at Fidelity National Information Services Inc. 'Stablecoin transactions, on the other hand, can cost just pennies regardless of transaction size. For consumers, this means no more waiting days for funds to clear, no more exorbitant fees for sending money abroad, and no more banking hours limiting when you can move your money.' Even before the passage of the GENIUS Act, stablecoins were surging in popularity. Circulation has doubled to about $30 billion in daily transactions over the past 18 months, according to a July 2025 McKinsey & Co. report. But stablecoins still aren't a fixture in consumer payments and spending. They've largely been used for trading into and out of other types of crypto and, to a lesser extent, sending payments across international borders. Read more: Stablecoins go mainstream after Circle's blockbuster IPO. Here's what they do. What's changing under the GENIUS Act? The GENIUS Act is the first major federal law regulating crypto. The CLARITY Act, a second crypto regulation bill, recently won approval from the US House of Representatives. Upon signing the act into law, Trump — whose family owns a stake in World Liberty Financial, which recently launched a stablecoin of its own — said the GENIUS Act 'creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins.' The law establishes who can issue stablecoins and requires a 1:1 reserve backing with cash or short-term US Treasury securities. In other words, if you buy $1 of stablecoin, the issuer must keep $1 in cash or cash equivalents in reserve. It also establishes various marketing rules, like prohibiting issuers from advertising that their stablecoins are federally backed or insured, as well as anti-money laundering regulations. 'The GENIUS Act is a major step toward making stablecoins safer and more widely used,' said Erick McAfee, director of growth at pay-as-you-go app Supertab. 'With clear rules in place, people will start to see faster, simpler ways to pay and get paid, especially online. Over time, this could change how we think about everyday payments, making them feel more like messaging: quick, easy, and reliable.' How the GENIUS Act could affect you The specifics of the GENIUS Act may sound wonky at first blush. But if the law does end up propelling stablecoins into the mainstream, here are a few things you can expect. More merchant acceptance… but what's in it for you? Credit card processing fees can run as high as 3.5%, plus merchants pay a flat fee for each transaction. Meanwhile, traditional payment methods can often take several days to settle. By comparison, stablecoin transactions typically cost less than $0.1 and offer near-instant settlement. Not surprisingly, many businesses are expected to embrace stablecoins and the potential cost and time savings. As a customer, you may not reap many benefits by paying with stablecoin instead of your credit card right away. 'In the short term, there aren't that many advantages to paying with a stablecoin compared to a traditional payment card,' said Mike Hudack, CEO of Sling Money, a fintech company that uses stablecoins to facilitate payment transfers. 'Traditional payment cards have consumer protections that stablecoins don't. This will change over time. There's lots of work going on to address this gap.' It's possible that merchants will find ways to incentivize stablecoin payments. For example, a merchant could pass on a portion of their savings from processing fees by giving you a discount when you pay with stablecoins instead of a credit card. In the long term, you could see retailers issuing their own stablecoins. Both Amazon and Walmart have reportedly toyed with the idea. Doing so would keep customers spending within their ecosystems while also saving retailers money. But the wider benefit to customers isn't entirely clear. Investment banking giant Morgan Stanley compared the prospect to digital prepaid gift cards in a recent report to clients. Essentially, you're giving money to a retailer to hold on to so that you can spend it at a later date. Greater acceptance of micro-payments Credit card processing fees make it prohibitively expensive for businesses to accept micro-payments of a few cents to a few dollars. But micro-payments could gain acceptance if stablecoin usage takes off. 'Before, sending someone a few cents wasn't worth it because the fees were higher than the payment itself,' McAfee said. 'With stablecoin, you can support creators, pay per article or feature, or tip someone instantly, without worrying about cost or delays. It supports entirely new monetization models that reward engagement, not just big purchases.' Faster, cheaper international transfers If you've ever sent funds to loved ones in another country, you're no doubt familiar with the pain points of making international transfers. The World Bank estimates that remittances cost the sender about 6.62% of each transfer, which amounts to about $31 of a $500 transfer. International wire transfers can also take anywhere from one to five days to complete. Wider adoption of stablecoins could be a game-changer for international transfers, given the low costs and speed. Cross-border stablecoin foreign transaction fees are minimal, and transfers can be executed immediately. 'What used to take days and cost $30-plus now takes seconds and costs less than a penny,' Hudack said. Your bank will want in on the action Given the potential disruption to traditional payment rails, major financial institutions are exploring whether to issue their own stablecoins. Bank of America, JPMorgan & Chase, Wells Fargo, and Citigroup have explored the possibility of issuing stablecoins, both independently or by teaming up. But the impact on you and your bank account has yet to be seen. Under the GENIUS Act, stablecoin issuers are banned from paying interest on stablecoins held in reserve. Unlike money you might park in a high-yield savings account and earn 3% or 4% interest on, funds held in stablecoins aren't earning interest. Also, funds held in stablecoins aren't insured by the Federal Insurance Deposit Corp. or the National Credit Union Association. You may not even notice you're using stablecoins If the idea of converting your dollars to stablecoins gives you a headache, rest assured: A lot of the changes you could see as the result of broader stablecoin usage won't require you to understand how stablecoin works. 'At first, stablecoins will just be implemented in the background. Instead of routing through banking rails, your payment might move over a stablecoin network and settle instantly,' Hudack said. 'You won't need to think about 'converting' into stablecoins any more than you think about how Netflix streams video through fiber.' He points to his own platform, Sling Money, as an example: It uses stablecoins to facilitate transfers, but users move money in the same way they would with other platforms. 'The only difference for the end-consumer is that the transaction is near-instant and near-free,' Hudack said. 'But the fundamental physics of stablecoins are different than fiat money and enable a lot of new experiences that aren't otherwise possible.' Sign up for the Mind Your Money newsletter Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
The former NBC host blasted the former president's son for a series of media appearances in which he blasted Joe Biden's critics.
Former NBC host Chuck Todd says Hunter Biden isn't doing himself—or Democrats—any favors with his media tour. The wayward member of the Biden family sat down for two interviews—with Andrew Gallaghan's popular Channel 5 podcast last weekend, and then with former Democratic National Committee chair Jaime Harrison on the At Our Table podcast on Tuesday—going off on an expletive-laden rant against his father's detractors and opening up about his alcohol and drug addictions. 'I don't think this does Hunter Biden any good. I don't think this does Joe Biden any good. It certainly doesn't do the Democratic Party any good,' Todd said Friday on his podcast, adding that he's generally an advocate for going to therapy, 'but let's not do it public. Try to deal with your issues amongst yourself.'
