Breaking down the risks, rewards of cryptocurrency investing
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Axios
an hour ago
- Axios
"Stretched to the breaking point": SNAP cuts spook food banks
Reductions to federal food assistance in President Trump's recently signed "big, beautiful bill" will further widen a gap that many in an overextended hunger relief network say will be impossible to fill. The big picture: With millions of food-insecure people projected to be cut from benefits, food banks and pantries across the U.S. are bracing for the impact and already working to rally community support to continue serving those in need. What they're saying: Vince Hall, Feeding America's chief government relations officer, told Axios that the nonprofit's food banking system generated nearly 6 billion meals last year. Feeding America estimates that provisions affecting the Supplemental Nutrition Assistance Program (SNAP) alone could eliminate the equivalent of some 6 to 9 billion meals annually. Those program reductions, he said, would mean that Feeding America's network of more than 200 food banks and 60,000 faith-based and charitable partners would have to "essentially more than double" its amount of food distributed to fill the predicted hole. "That's simply not possible," Hall said. Still, he added the network is "going to do everything within our power to ensure that every neighbor in need gets served" via reach-outs to donors, community leaders, farmers and lawmakers. By the numbers: SNAP, which aids over 40 million Americans, provides roughly nine meals for every one supplied by Feeding America food banks. The other side: White House spokesperson Anna Kelly told Axios in a statement that the legislation restores "commonsense work requirements to SNAP for able-bodied recipients to work, volunteer, or take classes for 20 hours per week." Kelly pointed to tax breaks she said will "put more money in Americans' pockets." Context: The benefit changes come as more Americans are going hungry. In May, 15.6% of adults were food insecure, almost double the rate in 2021, according to recent Morning Consult data. From April 2024 to April 2025, more than half of food banks surveyed by Feeding America reported seeing an increase in the number of people served. "Food banks are stretched literally to the breaking point," Hall told Axios. While some safety net cuts in the legislation don't take effect for years, others are more imminent, and Hall predicts food banks will see an "immediate increase" in demand as a result. Other food bank leaders who spoke to Axios cited stress from the U.S. Agriculture Department's cuts as another challenge to meeting demand. Zoom in: In 2019, the food pantries and soup kitchens that New York City's City Harvest serves saw some 25 million visits, CEO Jilly Stephens told Axios. Last year, they saw more than 46 million — a record high. Long food bank lines were once symbolic of pandemic strain. But "they haven't gone away," Stephens said. In fact, "they've grown, but they're somehow less visible." "We already exist to fill in the gap that's left after government programs," she said. "Now, we're looking at a yawning hole of need, and we have no hope of filling that in, but we will do everything we can." Zoom out: Catherine D'Amato, the president and CEO of The Greater Boston Food Bank, said they'll have to turn to philanthropic partners amid spiking demand. But she added that the impact of reduced support will be visible over time, and "the states can't make it up, and neither can philanthropy." The bottom line: "What we do will never replace SNAP, and we know that," said Evan Ehlers, the founder and CEO of food rescue organization Sharing Excess.
Axios
an hour ago
- Axios
House "crypto week" could change how Americans use, save money
A few years ago crypto was mostly a pariah in the financial services industry. Now, at the urging of the "first crypto president," Congress is on the verge of remaking American finance to embrace it. Why it matters: "Crypto week" could change everything from how Americans make payments to how they invest. It would also grant further legitimacy to an industry that has made the president and his family sudden billions of dollars. State of play: House Republicans declared the next five days Crypto Week, sending a clear message on legislative priorities after passing President Trump's "big, beautiful bill." The agenda for next week consists of three bills. One is stablecoin legislation, and sources familiar with the plans tell Axios that the Senate-passed bill, known as the GENIUS Act, will get a straight-up vote next week. Stablecoins are how dollars go on blockchains, and they enable super-fast, super-cheap global payments. They started as liquidity for crypto traders, but now companies use them for global payroll. The bill would establish rules for who could issue stablecoins and how they manage them. It is expected to lead to a surge of new products and participation from traditional finance firms. How it works: The legislation would "spur more comfort among retailers and others to begin accepting stablecoins as payment," says Tony Tuths, tax principal in KPMG's alternative investment tax practice. Financial markets, meanwhile, could start to move funds in stablecoins — as opposed to cash — for faster settlements with less cost, he added. That could profoundly change how payments are made and processed in the U.S., putting pressure on traditional payment networks like Visa and Mastercard. Market structure legislation is the other big one the table. It would create a framework for regulating broader crypto issuance and trading. If passed — the Senate is currently drafting its own version — it would establish a new category of registered digital assets, flashing a green light for traditional finance. More crypto related products would be expected to enter the mainstream market through retail brokerage accounts, Tuths says, "thereby opening a floodgate of retail capital into the crypto trading ecosystem." The third bill slated for this week is to prevent the Fed from ever creating a digital version of official U.S. currency, or a central bank digital currency (CBDC). Conservatives oppose the concept because they think it would mean more government intrusion into peoples' private lives. What they're saying: "It's one of these industries that, for a very, very, very long time has sought legitimization, either through getting these activities regulated at higher levels around the world, or through, of course, proving their real world use cases," Dante Disparte, head of global policy for stablecoin issuer Circle, tells Axios. Zoom out: So why now? For lawmakers, pressure to move is coming from a couple of different places — the president promising to deliver wins for the industry, plus a trio of linked PACs with more than $100 million on hand keeping tabs on how lawmakers vote. It's a whole different world from when the nation's leading crypto company, Coinbase, requested rule making and got sued by the Biden administration instead. Friction point: Several Democrats will be pushing back next week. Maxine Waters (D-Calif.), the top Dem on the House Financial Services Committee, is calling next week"Anti-Crypto Corruption Week," calling all three bills "dangerous pieces of crypto legislation." At the center of many Democrats' resistance is President Trump himself, due to his family's considerable personal investments in cryptocurrency putting a the specter of corruption risks over the process. The bottom line: Republican leadership is likely to relish these votes, because they know 90% of their members will fall in line.
Yahoo
2 hours ago
- Yahoo
I Asked ChatGPT Which Car Brand Has the Most Reliable Vehicles — Here's What It Said
When it comes to car shopping, reliability isn't just a buzzword; it's a long-term financial strategy. A dependable vehicle can save you thousands in repair costs, preserve resale value and help you avoid the dreaded inconvenience of a breakdown at the worst possible time. Be Aware: Read More: Curious about which car brand reigns supreme in reliability? GOBankingRates asked ChatGPT to weigh in. Here's what it said and why it matters to your wallet. Toyota emerged as the top choice, and it wasn't even close. 'Toyota consistently ranks as one of the most reliable car brands in the world,' ChatGPT explained. 'Its vehicles are known for their longevity, low maintenance costs, and strong resale value.' That tracks with findings from top industry sources like Consumer Reports, J.D. Power and RepairPal, which frequently rate Toyota and its luxury counterpart Lexus near the top for reliability. According to RepairPal, Toyota earns a reliability rating of 4.0 out of 5.0, placing it in the top tier of all car brands. Check Out: Buying a car isn't just about what you pay today. It's also about what it costs you over time. Here's where Toyota shines financially: Lower repair costs: The average annual repair cost for a Toyota is around $441, compared with $652 across all models, per RepairPal. Better resale value: Toyota vehicles tend to depreciate slower than many competitors, saving you money when it's time to sell or trade in. Fewer unexpected repairs: High reliability means fewer surprise expenses, which helps you stick to your monthly budget. If you're planning to hold on to a car for the long haul (or just want to avoid costly headaches), Toyota's track record makes a strong case. ChatGPT didn't stop at Toyota. It also gave honorable mentions to several other brands: Honda: 'Another reliable Japanese automaker with strong performance in compact cars and small SUVs,' it said. Subaru: 'Known for safety and reliability, especially for drivers in snowy climates,' ChatGPT explained. Mazda: 'Often overlooked, but its cars blend reliability with fun-to-drive dynamics and upscale styling,' it said. Each of these brands offers dependable options that won't drain your wallet with surprise repairs. Interestingly, some well-known luxury brands didn't make ChatGPT's reliability short list. 'Brands like BMW, Audi and Mercedes-Benz tend to score lower on reliability due to complex engineering, higher repair costs, and expensive parts,' ChatGPT noted. While these cars may offer top-tier performance and design, they can come with long-term financial trade-offs that buyers should consider, especially if they're looking to minimize ownership costs. Whether you're buying new or used, car reliability is one of the smartest factors to consider — especially in today's high-interest, high-inflation market. ChatGPT's verdict? Toyota is your best bet if you want a worry-free, cost-effective vehicle. And if you're looking for alternatives, Honda, Subaru and Mazda are also solid, wallet-friendly picks. In the end, the most reliable car brand isn't just about fewer trips to the mechanic. It's about greater peace of mind and stronger financial security. More From GOBankingRates Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on I Asked ChatGPT Which Car Brand Has the Most Reliable Vehicles — Here's What It Said
