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Although Vice President JD Vance might not agree, many observers saw his barn burner of a capstone speech at Turning Point USA’s AmericaFest this weekend in Phoenix as the first major moment of the 2028 presidential election. But was Vance crowned as the nominee? It’s complicated.

Anna, in her 30s and a longtime AmFest attendee, was all in on Vance after the speech.

‘I live in Florida and I love Gov. DeSantis, but he is too right wing for the whole country,’ she told me.

Paul, in his 50s and attending his first TPUSA event, sounded a similar sentiment, saying, ‘Who else is there? I don’t see why we wouldn’t just stick with what is already working.’

Almost everyone I spoke to, and I spoke to a lot of people, shared this view. The exception was Kelli, who is 55 and fiercely proud that her two kids in their 20s have remained staunch conservatives in bright blue Seattle. She likes Vance, but said, ‘I think he has to earn it. We need a real primary.’

Something unique is happening here.

After the 2022 midterm disaster for the Republicans, I asked GOP voters who supported both Donald Trump and Ron DeSantis if they wanted everyone to go all in for their guy or if they wanted a fight. Everyone chose the latter, but that isn’t true today.

It isn’t so much Vance himself who is garnering near universal support at AmFest, it is the Trump administration, the team the president has assembled. More so than any presidential election since Vice President Al Gore ran in 2000, this is shaping up to be a race for a third term.

In the English language, we don’t have a lot of pleasant-sounding words for a small group of people who maintain power. Utterances like ‘regime’ and ‘cabal’ come off negative, but there is nothing undemocratic about this idea, it’s just a bit untraditional.

In an age in which Congress can’t pass a resolution to tie its own shoes, many voters are looking to the executive branch for consistency and continuity.

I asked Vance himself about this theory and if he saw himself as running for a third Trump term.

‘Honestly, it feels disloyal to even talk about 2028,’ he said. ‘We’re not even a year in! But yes, I am very much on the team. It’s one of the reasons I think the 2028 talk is so premature.’

‘Consider this hypothetical: If an opportunity is presented that would make Marco Rubio look good, be great for the administration, and wouldn’t really involve me (at least publicly), what do I do?’ Vance continued. ‘If I’m optimizing for 2028, I try to kill the opportunity. If I’m optimizing for the country, for the administration, and to be a good human being, we do it.’

To be completely clear, Vance told me flat out he is not thinking about 2028. But his remarks did suggest, I think correctly, that one way or another, it will be the Trump administration and its policies and priorities that will be on the ballot in 2028, not some new vision.

Aside from his position as No. 2 on the Trump team, the other reason that Vance seems to have the inside track for 2028 is the enthusiasm that young conservative voters have for him.

There were teenagers lined up at 4 a.m. to see Vance. I have a teenager, and getting him out of bed before 10 a.m. on a Sunday is a miracle, but the kids love their vice president, there is just no denying it.

We’re a long way from 2028, and there are a lot of dominoes that still have to fall. But as it approaches, it will be the entire Trump administration not just defending its record in the presidential race, but asking to stay in power.

Trump has brought the conservative movement to the mountaintop, in sight of the promised land. Is JD Vance the man who can take it there? Only time will tell, but if you ask almost anyone at AmFest, the answer is a resounding yes.

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A former conservative lawyer-turned-vocal critic of President Donald Trump is jumping into the crowded Democratic primary to replace retiring Rep. Jerry Nadler, D-N.Y.

George Conway, who was previously married to Trump’s 2016 campaign manager, Kellyanne Conway, filed to run in New York’s 12th Congressional District on Monday.

The Manhattan-based district is considered a safe blue seat. Nadler, who served in Congress since 1992, announced in September of this year that he was stepping down amid pressure on older Democrats to make way for a new generation.

Conway was once known in Washington, D.C., as one of the lawyers who worked on Paula Jones’ case when she sued then-President Bill Clinton for sexual harassment.

He also championed conservative causes as a member of the Federalist Society, a right-wing law society.

But in recent years, Conway has made a name for himself as a vehement Trump critic, even while his wife worked as a senior advisor in his White House. George and Kellyanne Conway announced their divorce in March 2023.

Conway was also a founding member of the Lincoln Project, a Republican group that has taken out advertisements and championed causes in direct opposition to Trump.

A document on the Federal Election Commission (FEC) website shows that Conway registered a principal campaign committee on Monday based in New York City.

What appears to be a campaign website listed on the form, GeorgeConwayForCongress.com, is not yet active as of early Monday afternoon.

The registration also notes he is running in the Democratic primary, which is shaping up to be a crowded race. 

At least 12 people have shown interest in the seat so far. Among the most prominent candidates is Jack Schlossberg, the 32-year-old grandson of John F. Kennedy.

Cameron Kasky, an organizer for the anti-gun group March For Our Lives, is also one of the candidates alongside New York State Assembly members Micah Lasher and Alex Bores.

ABC News legal analyst Jami Floyd and New York City council member Erik Bottcher have also filed to run.

Fox News Digital reached out to the emails associated with Conway’s FEC filing for further comment but did not immediately hear back.

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China has reportedly loaded more than 100 intercontinental ballistic missiles into three newly constructed silo fields near its border with Mongolia and shows little interest in arms control talks, according to a draft Pentagon report seen by Reuters.

The assessment underscores Beijing’s accelerating military buildup, with the report saying China is expanding and modernizing its nuclear forces faster than any other nuclear-armed power. Chinese officials have repeatedly dismissed such findings as attempts to ‘smear and defame China and deliberately mislead the international community.’

The Pentagon declined to comment when contacted by Fox News Digital about the Reuters report.

Last month, U.S. President Donald Trump said he may pursue denuclearization discussions with China and Russia. The Pentagon report, however, concluded that Beijing does not appear inclined to engage.

‘We continue to see no appetite from Beijing for pursuing such measures or more comprehensive arms control discussions,’ the report said.

According to the assessment, China has likely loaded more than 100 solid-fueled DF-31 intercontinental ballistic missiles into silo fields near the Mongolian border. While the Pentagon had previously disclosed the existence of the silo fields, it had not publicly estimated how many missiles had been placed inside them.

China’s embassy in Washington did not immediately respond to a request for comment.

The report did not identify potential targets for the newly loaded missiles and could change before it is formally submitted to Congress, U.S. officials said.

China’s nuclear warhead stockpile remained in the low 600s in 2024, reflecting what the report described as a slower production rate compared to previous years. Still, Beijing is on track to exceed 1,000 nuclear warheads by 2030.

China says it adheres to a nuclear strategy of self-defense and maintains a no-first-use policy. But analysts say Beijing’s public messaging increasingly contradicts that restraint.

‘For a country that still advocates a policy of ‘no-first use,’ China has become increasingly comfortable showcasing its nuclear arsenal, including parading its nuclear triad together for the first time in September,’ said Jack Burnham, a senior research analyst in the China Program at the Foundation for Defense of Democracies.

Burnham said Beijing’s rejection of arms control talks reflects the pace of its weapons construction. ‘China has no interest in locking in a long-term strategic disadvantage, and every intention of building an arsenal on par with its perceived place in the world, alongside and potentially eventually ahead of the United States,’ he said.

The report also warned that China expects to be able to fight and win a war over Taiwan by the end of 2027. Beijing claims the self-governed island as its own territory and has never ruled out the use of force.

China is refining options to seize Taiwan by ‘brute force,’ including long-range strikes up to 2,000 nautical miles from the mainland that could disrupt U.S. military operations in the Asia-Pacific, the report said.

The findings come as the 2010 New START treaty, the last remaining nuclear arms control agreement between the United States and Russia, approaches expiration. The treaty limits both sides to 1,550 deployed strategic nuclear warheads.

‘What is surprising is that China has now loaded only about 100 of the silos it has built recently,’ said Gordon Chang. ‘That’s an indication money is tight in the People’s Liberation Army.’

Chang warned against extending New START without Beijing’s participation. ‘This is no time for the U.S. to agree to an extension of the New START Treaty with Russia,’ he said. ‘Russia and China are de-facto allies, and they are ganging up on America. Without China in a deal — Beijing has flatly rejected every nuclear arms-control initiative of the U.S. —no treaty can be in America’s interest.’

Reuters contributed to this report.

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A straw poll taken at Turning Point USA’s AmericaFest this weekend revealed that conservatives are, as a spokesman described, ‘all in’ for Vice President JD Vance running for president in 2028. 

Asked who they would like to see as the Republican presidential nominee in 2028, the vast majority of respondents, 84.2%, answered Vice President JD Vance. Far behind Vance was Rubio at 4.8% and Florida Gov. Ron DeSantis at 2.9%.

Andrew Kolvet, a spokesman for TPUSA, told Fox News Digital that the poll portrays a clear picture of the state of the conservative movement. 

From the responses, Kolvet said it is clear that ‘the movement is all-in for JD Vance in 2028, winning the most support in the history of our poll.’

Kolvet explained,’There are bright dividing lines in the conservative movement right now, so we wanted to get clarity on where the base is on these hot-button issues in Turning Point Action’s official AmericaFest 2025 straw poll.’ 

‘We wanted to get a real read on where the base is at after Charlie’s assassination, and a few things really jump off the page,’ he said. 

The most popular Trump administration accomplishment amongst conference attendees was securing the border, with nearly 60% of respondents answering this, while 22.2% of respondents answered deportations.

Conference attendees also shared that winning the midterms and radical Islam are among their top concerns.

A wide margin believed that the conservative movement’s top priority in 2026 should be winning the midterms. Per the poll, 63.9% of AmFest attendees believed the conservative movement should be prioritizing winning the midterms, which would preserve Republicans’ majorities in the House and Senate.

The next highest priority, according to attendees, was voter integrity/voter ID at 9.3%. Other priorities were the affordability crisis at 8.1%, mass deportations at 5.3% and accountability for the deep state/lawfare at 4.2%.

Asked what the biggest threat is facing America, 31,008 responded ‘radical Islam.’ In close second was socialism and Marxism at 30,387. Third was mass migration, with 28,223 saying that is the greatest threat to America, and fourth was the economy and affordability at 27,315.

Related to mass migration, 89.5% of poll respondents said they would support a moratorium on new immigration into the United States.

Attendees were also questioned on their feelings about Israel. Over half, 53.4 percent, said they see Israel as ‘one ally out of many,’ while a third said they see Israel as America’s ‘top ally’ and 13.3 percent said they believe Israel is ‘not an ally.’ 

The poll also revealed what members of President Donald Trump’s Cabinet are most popular and unpopular amongst the conference’s heavily conservative audience.

According to the poll, which was taken by Big Data Poll, the Trump Cabinet member with the strongest job performance approval rating amongst AmFest attendees is Secretary of War Pete Hegseth, as 83.3% of conference attendees voiced they strongly approve of him.

A total of 94.7% of AmFest attendees said they either strongly or somewhat approve of Hegseth.

As War secretary, Hegseth has been one of the most vocal Trump Cabinet members, with such actions as changing the name of the Department of Defense to the Department of War, expunging DEI from the military and targeting cartel drug boats in the Caribbean.

Secretary of State Marco Rubio and Health and Human Services Secretary Robert Kennedy Jr. received similarly high approval ratings from the AmFest attendees at 76.6% and 80.8%, respectively. Kennedy received the highest overall approval rating from AmFest attendees, with 96.8% saying they either strongly or somewhat approve of him.

The Cabinet member with the highest disapproval rating was U.S. Attorney General Pam Bondi, whom 13.4% of attendees said they strongly disapprove of and 15.6% said they somewhat disapprove. Despite this, most poll participants, 64.8%, still said they either strongly or somewhat approve of Bondi’s job performance in the Trump administration.

Homeland Security Secretary Kristi Noem, another highly vocal and prominent Trump Cabinet member who has spearheaded the administration’s deportations and border security efforts, received broad approval with 90.1% of participants saying they either strongly or somewhat approve of her job performance.

Treasury Secretary Scott Bessent and Transportation Secretary Sean Duffy both received approval ratings in the 80s.

Poll participants had less to say about Interior Secretary Doug Burgum, Agriculture Secretary Brook Rollins, Commerce Secretary Howard Lutnick, Labor Secretary Lori Chavez-DeRemer and Veterans Affairs Secretary Doug Collin, with between 28 and 39% of respondents saying they were unsure about their job performance.

According to the poll, 88.3% of respondents self-identified as Republican and 94.7% identified as conservative.

Commenting on the poll, Kolvet said that conservatives ‘see Israel as an important ally of the United States despite so much chatter to the contrary’ and ‘they love the job that Secretaries Hegseth, Rubio, and RFK Jr. are doing, but they harbor skepticism about the DOJ.’ 

‘Above all,’ Kolvet said that conservatives ‘are laser focused on winning the midterms and fixing mass migration, which they clearly see as connected to the rise of radical Islam, socialism, and crime.’ 

He added that ‘it’s clear that immigration remains the key to energizing the base ahead of the midterms.’ 

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The Justice Department on Monday appealed the dismissal of its criminal cases against former FBI director James Comey and New York Attorney General Letitia James, making good on its vow to revive both cases despite what appear to be significant legal and procedural hurdles.

Lawyers for the Trump administration appealed both cases Monday to the Fourth Circuit Court of Appeals, based in Richmond, Va. 

‘The power to appoint an interim U.S. Attorney for the Eastern District of Virginia pursuant to 28 U.S.C. § 546 during the current vacancy lies with the district court until a U.S. Attorney is nominated by the President and confirmed by the Senate,’ the Justice Department said in its appeal.

Both appeals challenge a ruling handed down by U.S. District Judge Cameron Currie in November, which found that former Trump lawyer Lindsey Halligan was illegally appointed to her role as interim U.S. attorney for the Eastern District of Virginia. 

Because Halligan was unlawfully appointed — and was the sole prosecutor who secured the indictments — Currie ruled that the indictments were invalid and dismissed both cases without prejudice.

‘Ms. Halligan has been unlawfully serving in that role since September 22, 2025,’ Currie said in an opinion filed in both cases. 

‘All actions flowing from Ms. Halligan’s defective appointment’ as a result, he said, ‘constitute unlawful exercises of executive power and must be set aside.’

Attorney General Pam Bondi vowed then to ‘immediately’ appeal the decision, and FBI Director Kash Patel said the FBI and Justice Department are exploring other options to keep the case against Comey alive.

James was charged with two counts of bank fraud and making false statements to a financial institution during her 2020 purchase of a home in Norfolk, Virginia. 

Comey was charged with making false statements to Congress and for obstruction related to his testimony in September 2020. 

Currie dismissed Comey’s case and James’ case ‘without prejudice’ – a detail that left the door open for the government to secure new indictments.

Prosecutors ultimately attempted, without success, to re-indict both Comey and James, prompting new questions about the strength of the case.

Federal prosecutors twice tried and failed to secure a new indictment against James from grand juries in Norfolk and then in Alexandria. Neither effort was successful.

In Comey’s case, a separate judge ordered prosecutors to erase certain evidence – including emails and data – that had played a central role in the Justice Department’s case.

Comey’s case also raises statute-of-limitations concerns, as both charges carried five-year limits that expired Sept. 30 – just three days after Bondi installed Halligan at the U.S. Attorney’s Office.

It is unclear whether the judge’s order ‘resets the clock’ on the statute of limitations under a federal law, as Trump’s allies have argued it should. 

Under the same law, a dismissal by the Fourth Circuit U.S. Court of Appeals would trigger a 60-day window for the Trump administration to re-indict Comey.

The Justice Department notified the lower court Monday that it had filed both requests to the Richmond-based U.S. Court of Appeals for the Fourth Circuit. 

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The Department of War announced Monday that the Pentagon is partnering with Elon Musk’s artificial intelligence (AI) ecosystem to deploy Grok across its government systems.

The agency said the ‘frontier‑grade’ capabilities of xAI’s Grok family of models will be integrated into the department’s recently launched AI platform, GenAI.mil

As soon as early 2026, the partnership will allow the Department’s 3 million military and civilian personnel to safely access more advanced AI tools for everyday tasks, including handling sensitive government information.

According to xAI, its tools can support administrative tasks at the federal, state and local levels, as well as ‘critical mission use cases’ at the front line of military operations.

‘Today, the War Department officially entered into an agreement with xAI, paving the way for the deployment of its advanced capabilities on GenAI.mil,’ the department said. ‘This move builds on the rapid deployment of cutting‑edge AI across the Department’s 3 million military and civilian personnel.’

The tools will allow employees to use xAI safely on secure government systems for routine work, including tasks involving sensitive but unclassified information, without violating security protocols.

With xAI designed to analyze real-time data, the War Department said the partnership would give personnel ‘a decisive information advantage.’ 

Grok will give personnel access to live information from X, providing the War Department with faster situational awareness around the globe, the department said.

xAI added that the partnership could lead to potential future classified workloads. 

‘Through an ongoing, long-term partnership with the DoW and other mission partners, xAI will make available a family of government-optimized foundation models to support classified operational workloads,’ the company said.

The War Department said that it will continue to scale its AI ecosystem for speed, security and decision superiority.

‘This announcement marks another milestone in America’s AI revolution, and the War Department is driving that momentum forward,’ the department said. 

‘These two new partnerships are part of our longstanding support of the United States Government and xAI’s mission to bring the best tools and technologies available in industry to benefit our nation,’ xAI added.

The collaboration marks another chapter in Elon Musk’s long-running relationship with government initiatives.  

Musk previously helped lead the Trump administration’s Department of Government Efficiency, where he briefly reformed operations and cut excess spending within the federal government. 

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The Social Security Administration’s (SSA) internal watchdog has confirmed that the agency’s publicly reported phone service data was accurate and that performance improved during fiscal year 2025, according to a new audit completed after Sen. Elizabeth Warren, D-Mass., questioned whether the figures could be trusted.

The Office of the Inspector General (OIG) reviewed the SSA’s national 800-number telephone metrics and found that the data the agency released to the public was correct, and that overall service improved during fiscal year 2025, according to a draft audit report provided to agency leadership ahead of public release. The report did not issue any recommendations to the agency.

The review was initiated after Warren expressed concerns in June about long wait times and the reliability of SSA’s phone performance data. She formally requested an audit on July 24, prompting SSA Commissioner Frank J. Bisignano, who serves under President Donald Trump, to agree to an independent review by the watchdog.

The audit found that SSA served 68 million callers during fiscal year 2025, either through live agents or automated systems, a 65% increase from the prior year. Average wait times fluctuated early in the year but improved steadily, according to the audit, ending the fiscal year at roughly seven minutes in September after peaking at about 30 minutes in January.

The metric cited by the agency, known as Average Speed of Answer, measures only the time callers actively wait on hold before speaking to an employee and does not include time spent waiting for callbacks.

‘Last year, people waited 40 minutes on the phone, and now they’re in single digits. We’re doing twice as many calls,’ Bisignano said.

In an exclusive interview with Fox News Digital, Bisignano said the audit confirmed what agency leadership had been reporting publicly about improvements in service levels.

‘Senator Warren was completely wrong in everything that she was saying, and it’s now been proven out,’ Bisignano said, citing the watchdog’s finding that SSA’s publicly reported telephone metrics were calculated accurately.

Bisignano said he welcomed the audit and was confident the data would withstand independent scrutiny.

The inspector general’s report concluded that SSA’s telephone performance improved during fiscal year 2025 largely because of operational changes, including the rollout of a new cloud-based telecommunications platform, expanded automation and staffing realignments. The platform, implemented in August 2024, allowed SSA to increase call capacity, expand self-service options and monitor performance in real time, according to the report.

The watchdog also confirmed that SSA’s internal data-verification process ensured accuracy by comparing raw data with reported metrics and working with vendors to resolve any discrepancies. The audit found no evidence that the agency misrepresented its national 800-number performance.

Bisignano said improvements were driven by a combination of technology, process changes and workforce adjustments.

The report explains that SSA experienced especially high call volumes between January and March 2025 due to Medicare and tax-related questions, as well as the implementation of the Social Security Fairness Act of 2023, which affected more than 3.2 million beneficiaries. 

Despite the surge, the agency reduced average wait times over the course of the year.

The audit also found that about 25 million calls during fiscal year 2025 ended without callers receiving service, either because callers disconnected, did not answer callback attempts or encountered busy signals. Those calls were not included in the agency’s wait-time metrics.

Automation played a growing role in absorbing the surge. According to the audit, automated systems handled an average of nearly 2.9 million calls per month in fiscal year 2025, up from about 300,000 per month the year before. Automated services allowed callers to complete common tasks without speaking to a live agent, reducing pressure on phone lines.

The inspector general also reviewed how SSA calculates its Average Speed of Answer metric, which measures the time callers actively wait on hold before speaking to an employee. The audit clarified that callers who accept a callback are counted as having zero active wait time, a methodology that reduces the average but does not include the time callers wait to receive callbacks.

Bisignano said transparency about how the numbers are calculated is essential.

‘We figured out how to leverage technology, process engineering, and human capital,’ he said.

Staffing changes also contributed to the turnaround. Early in fiscal year 2025, the number of employees available to answer national 800-number calls declined by about 13%. By July, SSA began assigning roughly 1,000 field office employees each day to help handle national call volume. The audit found that this coincided with sharp improvements in wait times, with Average Speed of Answer dropping from about 13 minutes in June to roughly 7.5 minutes in July.

The audit did not evaluate service levels or wait times at local Social Security field offices.

Beyond wait times, the audit found that service quality remained high. About 87% of callers who responded to post-call surveys said their issue was resolved on the first contact. The survey results reflect feedback from callers who reached an SSA employee and do not include callers who only used automated services.

Bisignano said the improvements matter most for seniors and beneficiaries who rely on Social Security services.

‘We’re investing in Social Security and servicing the American public at a level they’ve never been serviced before,’ he said. ‘We’ll meet you where you want to be met: on the phone, in the field offices or on the web.’

He added that people who haven’t called the agency recently may be surprised by how much has changed.

‘What would surprise them the most is how quickly they can get their phone call answered,’ he said.

Looking ahead, Bisignano said the agency plans to continue expanding digital services and reducing backlogs, including in disability claims, while maintaining accountability through ongoing oversight.

‘Expect us to always have double-digit improvements in every metric we have,’ he said. ‘This is just the beginning.’

The OIG report in full can be read here.

‘The bottom line is that Donald Trump’s Social Security chief lied about call wait times to cover up his customer service mess,’ Sen. Warren said in an email to Fox News Digital. ‘This new watchdog report reveals that true wait times were more than three times higher than what Commissioner Bisignano claimed, and tens of millions of callers were simply unable to get help on the phone at all.’

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The Federal Communications Commission announced on Monday that it would ban new foreign-made drones, citing national security concerns.

The FCC said it was adding uncrewed aircraft systems (UAS) and their critical components made in China and other foreign countries to its ‘covered list’ that features equipment that has been determined to pose an ‘unacceptable risk’ to U.S. national security and the safety of Americans. Specific drones or components would be exempt if the Pentagon or Department of Homeland Security determined they did not pose such risks.

The distinction prohibits the products from being sold or imported in the U.S. The order does not apply to technology that has already been sold in the U.S.

The agency said that allowing foreign-made UAS and component parts to be sold in the U.S. ‘undermines the resiliency of our UAS industrial base, increases the risk to our national airspace, and creates a potential for large-scale attacks during large gatherings,’ citing upcoming events such as the 2026 World Cup and the 2028 Summer Olympics in Los Angeles.

‘Criminals, terrorists, and hostile foreign actors have intensified their weaponization of these technologies, creating new and serious threats to our homeland,’ the FCC said in its notice.

The announcement comes a year after a defense bill was adopted that raised national security concerns about Chinese-made drones, which have been used in farming, mapping, law enforcement and filmmaking.

The bill called for stopping two Chinese companies — DJI and Autel — from selling new drones in the U.S. if a review found they posed a risk to U.S. national security.

A spokesperson for DJI said in a statement that it is ‘disappointed’ by the FCC’s decision and that ‘no information has been released regarding what information was used’ in the government’s determination to add its drones and component parts to the covered list.

‘Concerns about DJI’s data security have not been grounded in evidence and instead reflect protectionism, contrary to the principles of an open market,’ the statement said.

The House Select Committee on the Chinese Communist Party praised the FCC’s move, saying it ‘strongly supports’ the decision.

‘It will help safeguard our national security, protect the American people, and wind down the unacceptable national security threat posed by DJI and other Chinese drones,’ the committee wrote on X.

‘Taken together with the Administration’s recent executive actions to accelerate domestic drone commercialization, this sends an unmistakable signal to American industry: The U.S. is open for drone innovation—and American manufacturing will be rewarded,’ it added.

Arthur Erickson, chief executive officer and co-founder of the Texas-based drone-making company Hylio, told The Associated Press that the departure of DJI would provide more opportunity for American companies like his to grow. He said new investments are coming in to help him boost production of spray drones, which farmers use to fertilize their fields, and it will bring down prices.

But Erickson also called it ‘crazy’ and ‘unexpected’ that the FCC would expand the restrictions to all foreign-made drones and their components.

‘The way it’s written is a blanket statement,’ Erickson said. ‘There’s a global-allied supply chain. I hope they will clarify that.’

The Associated Press contributed to this report.

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Here’s a quick recap of the crypto landscape for Monday (December 22) as of 9:00 am UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,286.25, up by 2.3 percent over 24 hours.

Bitcoin price performance, December 22, 2025.

Chart via TradingView

Ether (ETH) was priced at US$3,026.40, up by 3.3 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.92, up by 1.4 percent over 24 hours.
  • Solana (SOL) was trading at US$126.14, up by 2.3 percent over 24 hours.

Today’s crypto news to know

US crypto funds See US$952M outflow amid regulatory delays

Investors pulled US$952 million from US crypto investment products last week, marking the first weekly outflow in a month, according to data from CoinShares.

The exodus was concentrated in the US totaling US$990 million, which was partially offset by modest inflows into Canadian and German products.

Analysts attributed the sell-off to continued delays in the US CLARITY Act, prolonging regulatory uncertainty, alongside concerns about large holders offloading positions.

Ethereum-based funds led the outflows with US$555 million, while Bitcoin products saw US$460 million leave.

Hong Kong moves to unlock insurance capital for crypto investments

Hong Kong’s Insurance Authority has proposed new rules that would allow licensed insurers to invest in cryptocurrencies and related infrastructure, potentially unlocking billions in capital.

According to a Bloomberg report, insurers under the proposed framework would face a 100 percent “risk charge” on direct crypto holdings, meaning a dollar of capital must be set aside for every dollar invested. Stablecoins pegged to fiat would attract lower risk charges.

The initiative aims to attract institutional investors while maintaining prudential safeguards against crypto volatility.

Public consultation on the draft rules is scheduled for February through April 2025, with formal legislative submissions expected later in the year.

Binance allowed high-risk accounts post-plea deal, FT reports

Binance reportedly continued to permit suspicious accounts to operate after its US$4.3 billion U.S. plea agreement in 2023, according to a Financial Times investigation.

Internal files reviewed by the FT showed accounts linked to terror financing networks, improbable login patterns, and failed identity checks remained active, moving billions of dollars in crypto.

One account from Venezuela moved US$93 million, with portions connected to networks tied to Iran and Hezbollah.

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

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

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Valereum Plc (AQSE: VLRM) is pleased to announce that WAGEEN Token (WAG1), the flagship digital asset issued within the Wageen Corp. group, will imminently be listed on VLRM Markets, the Company’s licensed and regulated tokenisation venue for real-world asset (RWA) opportunities. This agreement is expected to generate $600,000 in revenue for VLRM Markets upon the successful completion of the Wageen token issuance.

WAG1 introduces a differentiated investment structure combining stable fixed income with long-term growth potential. The token provides investors with regulated exposure to the rapidly expanding Mobility-as-a-Service (MaaS) sector across Latin America, participating in the evolution of a technology-driven mobility platform with strong regional scalability.

The issuance targets a total raise of US$20 million, of which US$6 million has already been secured through institutional commitments. WAG1 offers an 11% fixed annual yield, payable annually, with investors gaining exposure to Wageen Corp.’s planned growth in the Mobility-as-a-Service sector ahead of its intended equity offering.

Wageen Corp. is building an integrated mobility ecosystem combining terrestrial, air, and maritime transport services into one platform. The application enables users to access ride-hailing and premium mobility options, including private aviation, yachts, and helicopter services, through a single digital interface.

In addition to its financial structure, WAG1 also includes lifestyle-based utility features, delivered through partnerships with transport and travel providers, offering real-world benefits for token holders.

Gary Cottle, Group CEO of Valereum Plc, comments:

‘The addition of WAG1 to VLRM Markets shows the appetite that’s out there for regulated digital assets connected to real-world sectors which are using intelligence to revolutionise life and business.’

Richard White, Group CEO of Wageen, adds:

‘WAG1 offers investors a regulated entry point into the next generation of integrated mobility. With a competitive yield structure and an ambitious expansion roadmap, it represents a unique opportunity to participate in the development of a scalable and future-driven mobility ecosystem.’

Board and Corporate Update

In parallel with this commercial progress, Valereum Plc announces that Matt Ripperger has stepped down from his role as Non-Executive Director. This transition forms part of the anticipated Board reconstitution already signalled in relation to the planned introduction of strategic funding from Valereum QGP-SP.

On behalf of the Board, the Company would like to thank Matt for his service and the expertise he has contributed to Valereum during a pivotal period of development, and wishes him every success in his future endeavours.

The Company also confirms that it is in advanced discussions regarding the appointment of a new AQSE Corporate Adviser. The Board has selected an adviser with the capability and experience required to support Valereum’s strategic plan.

A further announcement will be made in due course.

The Directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

Valereum Plc

Karl Moss

Tel: +44 7938 767319

Investor Hub

Fortified Securities

Guy Wheatley

Tel: +44 203 4117773

To read more, please visit the Company’s website at www.vlrm.com

or

To engage with Valereum directly by asking questions, watching video summaries and seeing what other shareholders have to say, navigate to our Investor Hub here: Sign Up

IMPORTANT NOTICES

The Company holds cryptocurrencies or cryptoassets in its treasury. Whilst the Board of Directors of the Company considers holding cryptocurrencies to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in cryptocurrencies to be high risk. At the outset, it is important to note that an investment in the Company is not an investment in cryptocurrencies, either directly or by proxy and shareholders will have no direct access to the Company’s holdings. However, the Board of Directors consider cryptocurrencies to be an appropriate store of value and potential growth and therefore appropriate for the Company. Accordingly, the Company is and intends to continue to be materially exposed to cryptocurrencies.

The Company is neither authorised nor regulated by the FCA, and the purchase of certain cryptocurrencies are generally unregulated in the UK. As with most other investments, the value of cryptocurrencies can go down as well as up, and therefore the value of the Company’s cryptocurrencies holdings can fluctuate. The Company may not be able to realise its cryptocurrencies holdings for the same as it paid to acquire them or even for the value the Company currently ascribes to its cryptocurrencies positions due to market movements. Neither the Company nor investors in the Company’s shares are protected by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.

Cryptocurrencies may present special risks to the Company’s financial position. These risks include (but are not limited to): (i) the value of cryptocurrencies can be highly volatile, with value dropping as quickly as it can rise. Investors in cryptocurrencies must be prepared to lose all money invested in cryptocurrencies; (ii) the cryptocurrencies market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell its cryptocurrencies at will. The ability to sell cryptocurrencies depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay; and (iv) cryptoassets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. Prospective investors in the Company are encouraged to do their own research before investing.

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