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Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s Big Beautiful Bill

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Less than a week after leaving his position as head of the White House’s Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to ‘kill’ the ‘big, beautiful’ budget bill backed by President Donald Trump.

Musk has grown increasingly critical of Trump’s ‘big, beautiful bill,, claiming that if passed, it would increase the U.S. budget deficit by $5 billion.

On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie ‘Kill Bill,’ appearing to reference his call to nix the Trump-backed bill.

‘We need a new bill that doesn’t grow the deficit,’ Musk said on X. 

In another post, Musk urged: ‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.’ 

Musk said Tuesday afternoon that he ‘just can’t stand it anymore.’

‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ Musk said. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk previously criticized the bill during an interview with CBS, noting he was ‘disappointed’ in the spending bill because ‘it undermines’ all the work his DOGE team was doing.

The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him. 

Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk’s criticism.

‘Look, the president already knows where Elon Musk stood on this bill,’ White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk’s most recent criticism.

‘It doesn’t change the president’s opinion. This is one big, beautiful bill and he’s sticking to it,’ she said. 

Fox News Digital’s Alec Schemmel contributed to this report.

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Johnson says Republicans ‘don’t have time’ to craft new Trump plan despite Musk’s call to ‘KILL the BILL’

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Speaker Mike Johnson, R-La., is rebuffing Elon Musk’s call for a brand-new budget reconciliation bill, deepening the tech billionaire’s rift with Republicans in Washington.

‘A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS,’ Musk wrote on X Wednesday.

He ratcheted up his rhetoric shortly after, posting, ‘KILL the BILL.’

But Johnson said the timeline was working against Congress and that an overhaul of President Donald Trump’s massive agenda bill was unfeasible. 

Johnson said when asked for a response by Fox News, ‘We don’t have time for a brand new bill.’

‘I want Elon and all my friends to recognize the complexity of what we’ve accomplished here. This extraordinary piece of legislation – record number of savings, record tax cuts for the American people and all the other benefits in it,’ the speaker told reporters.

‘We worked on the bill for almost 14 months. You can’t go back to the drawing board, and we shouldn’t. We have a great product to deliver here.’

Johnson cautioned critics of the bill not to let the perfect be the enemy of the good.

‘We’re proud of this product. The House Republicans are proud of it, and we’re happy to go out and explain that to everybody,’ Johnson said.

The Louisiana Republican said during a press conference earlier that he was ‘surprised’ by Musk’s criticism.

The speaker previously also pointed out that Republicans are planning to codify spending cuts identified by Musk’s Department of Government Efficiency (DOGE) in a different vehicle than the reconciliation process.

Musk has been bearing down hard on the legislation, putting Republican lawmakers in a difficult spot after months of lauding his work with DOGE.

The massive bill passed by the House and currently being considered by the Senate advances Trump’s priorities on taxes, immigration, energy, defense, and the debt limit.

It passed the House 215 – 214 with all but three House Republicans not voting ‘yes.’

House GOP leaders, noting their slim margins, have urged the Senate to change as little as possible in the bill. But the Senate GOP has its own razor-thin majority, and lawmakers there have already signaled they want to see at least some changes.

The White House, meanwhile, has stood by the bill.

‘The president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ Press Secretary Karoline Leavitt said Tuesday.

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Elon Musk warpath against Trump’s ‘big, beautiful bill’ rattles House GOP

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Elon Musk’s tirade against President Donald Trump’s ‘big, beautiful bill’ has forced House Republicans to scramble to respond on Wednesday.

GOP lawmakers who had spent months praising Musk’s Department of Government Efficiency (DOGE) efforts are now working to avoid a war of words with the tech billionaire as he calls on them to scrap months of work in favor of a new budget reconciliation bill.

‘He didn’t make it any easier for the bill,’ Rep. Scott Fitzgerald, R-Wis., told Fox News Digital. 

He noted that the bill also had its opponents in the Senate, where at least three fiscal hawks are calling for deeper cuts than the recent version passed by the House, which rolls back roughly $1.5 trillion in federal spending over 10 years. Fitzgerald questioned, however, what Musk’s endgame was.

‘If it was to truly kill the bill, then – I get it, he’s not an elected official – but you never really make such a bold statement without having a Plan B, and clearly, there’s no Plan B,’ he said.

House GOP lawmakers have for the most part, however, appeared in agreement on Musk ultimately having little impact on their actions. 

‘I don’t think he carries the same kind of gravitas that he did,’ Rep. Greg Murphy, R-N.C., said.

Another House Republican told Fox News Digital, ‘When he’s not standing by the president’s side, he doesn’t have the same weight.’

Congressional Republicans are working to pass a mammoth bill advancing Trump’s priorities on taxes, immigration, energy, defense and the national debt via the budget reconciliation process.

Reconciliation allows the party in power to totally sideline opposition – in this case, Democrats – to pass a sweeping piece of fiscal legislation by lowering the Senate’s threshold for passage from 60 votes to 51.

But there are rules and limitations for what can be included in the budget reconciliation process. House GOP leaders say they will seek to codify spending cuts identified by Musk’s Department of Government Efficiency (DOGE) via the annual congressional appropriations process.

That has not stopped Musk from unleashing his fury against the bill over the money it could add to the already $36 trillion-and-counting federal debt.

‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL,’ Musk wrote on X, among other posts.

The Tesla founder made a veiled threat against lawmakers’ seats as well, ‘In November next year, we fire all politicians who betrayed the American people.’

House GOP leaders and the White House, meanwhile, have closed ranks around the bill.

‘I want Elon and all my friends to recognize the complexity of what we’ve accomplished here. This extraordinary piece of legislation – record number of savings, record tax cuts for the American people and all the other benefits in it,’ Speaker Mike Johnson, R-La., told reporters in response to Musk.

‘We worked on the bill for almost 14 months. You can’t go back to the drawing board, and we shouldn’t. We have a great product to deliver here.’

But Musk’s comments appear to have created a difficult political situation for some fiscal hawks who aired concerns about the bill before ultimately voting for it after GOP leaders made some last-minute changes tightening Medicaid work requirements and green energy subsidy cutbacks.

‘I wish [Musk] had been cheering from the stands before we had the vote, that would have helped us, but we are where we are,’ House Freedom Caucus member Rep. Eric Burlison, R-Mo., who fought for more conservative changes, told reporters.

He side-stepped a question on whether he was worried about election threats from Musk.

‘I’m going to be – I hope that Elon continues to stay in this fight because I’m philosophically aligned with him, with his effort to try to balance this budget,’ Burlison said.

House Budget Committee Chairman Jodey Arrington, R-Texas, meanwhile, said he believes Musk is wrong but conceded his opinion mattered to at least part of the GOP base.

‘The challenge is, he’s a he’s a credible guy, and he’s done, a patriotic service,’ Arrington said, referring to DOGE. I just think he’s just wrong about his comments that mischaracterize the one big, beautiful bill.’

‘So to say that it’s a problem or that it has created a bigger challenge for us, is true. Because he’s got a big voice, he’s got a big audience. And more importantly, it’s a credible voice. But he’s wrong on this issue.’

Conservative Rep. Mark Harris, R-N.C., said, ‘I would have preferred that he not go the direction that he went…maybe it was to encourage Congress to get on the ball with these rescissions packages that are coming.’

The White House, meanwhile, has stood by the bill.

‘The president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ White House press secretary Karoline Leavitt said Tuesday.

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Durbin obstruction threat chills Senate as Trump nominees hang in balance

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Sen. Dick Durbin, D-Ill., used his opening remarks during the Senate’s first judicial nominee hearing of the year on Wednesday to remind his colleagues that he was holding up at least one of President Donald Trump’s Department of Justice nominees.

‘I’ve got a hold on one nominee from Florida,’ Durbin said. ‘I’ve spoken to both Florida senators about it. It isn’t personal. We’ve got to find a way out of this that is fair and bipartisan that we’re going to stick with for both political parties.’

Durbin, the top Democrat on the Senate Judiciary Committee, is blocking the nomination of Jason Reding Quinones, Trump’s choice to lead the U.S. attorney’s office in the Southern District of Florida. Durbin also recently threatened to obstruct more of Trump’s picks to lead the DOJ’s 93 U.S. attorney’s offices.

Durbin’s threat loomed over the committee hearing, which featured five of Trump’s nominees to fill federal judge positions. The Illinois Democrat attributed his blockade to Vice President JD Vance announcing a hold on DOJ nominees in 2023. Vance, then a senator, said he would not lift his hold on nominees until then-Attorney General Merrick Garland stopped ‘going after his political opponents,’ a reference to the two federal prosecutions of Trump.

Any senator has the power to use holds to object to nominations. The practice significantly slows down the confirmation process because it prevents senators from voting for nominees through the typical, expedited unanimous consent process.

Committee Chairman Chuck Grassley, R-Iowa, argued Wednesday that, like Durbin, he too disagreed with Vance’s decision, but Grassley said it was notably different than Durbin’s.

‘This isn’t what you can legitimately call a precedent for blanket obstruction at the beginning of an administration before even a single one of these 93 U.S. attorneys have been filled,’ Grassley said.

Grassley, who himself has hindered nominees in past administrations, said holds should be used ‘selectively’ and quoted Durbin saying last Congress that ‘public safety will suffer across the United States’ if the obstruction of U.S. attorneys is carried out.

Durbin said Vance changed the rules ‘overnight.’

‘And guess what? The tables turn,’ Durbin said. ‘There comes a time when you want to move these by voice vote, and we’re going to have to say, as Democrats, we’re going to follow the Vance precedent.’

Durbin, who has an amicable relationship with Grassley, signaled he was willing to come to negotiate with Republicans over the Florida nominee, who has already been favorably reported out of the committee along party lines.

Asked by Fox News Digital what a resolution would look like, a Durbin spokeswoman pointed to the senator’s remarks during the hearing and declined to comment further. 

Durbin’s hold is not the only roadblock for Trump’s nominees. Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday from the Senate floor that Republicans wanted to ‘quietly rubber-stamp’ Patrick Davis’ nomination and that he would not allow it.

Trump nominated Davis, a former Grassley aide, to serve as assistant attorney general for the Office of Legislative Affairs, who is responsible for handling DOJ’s correspondence with Congress. Schumer said he opposed Davis’ nomination in part because the DOJ has been unresponsive to his inquiries about the controversial luxury plane that Qatar gifted to the Trump administration.

‘They won’t even answer serious questions about this. This plane should be withdrawn,’ Schumer said.

He added that when ‘this Justice Department is as horrible as it is, as political as it is, as destructive of American values as it has been, no way.’

Grassley responded to Schumer on X: ‘Why would Democrats expect responsiveness to Congress from DOJ when they obstruct Pres Trump’s nominees who r responsible to ANSWER THEIR LTTRS????’

The last two Senate-confirmed heads of the Office of Legislative Affairs, during the Biden administration and first Trump administration, were confirmed through the speedy voice vote process.

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Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s ‘big, beautiful bill’

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Less than a week after leaving his position as head of the White House’s Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to ‘kill’ the ‘big, beautiful’ budget bill backed by President Donald Trump.

Musk has grown increasingly critical of Trump’s ‘big, beautiful bill,’ claiming that if passed, it would increase the U.S. budget deficit by $5 billion.

On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie ‘Kill Bill,’ appearing to reference his call to nix the Trump-backed bill.

‘We need a new bill that doesn’t grow the deficit,’ Musk said on X. 

In another post, Musk urged: ‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.’ 

Musk said Tuesday afternoon that he ‘just can’t stand it anymore.’

‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ he said. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk previously criticized the bill during an interview with CBS, noting he was ‘disappointed’ in the spending bill because ‘it undermines’ all the work his DOGE team was doing.

The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him. 

Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk’s criticism.

‘Look, the president already knows where Elon Musk stood on this bill,’ White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk’s most recent criticism.

‘It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ she said. 

Fox News Digital’s Alec Schemmel contributed to this report.

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Trump orders Attorney General to investigate Biden’s autopen use amid cognitive decline concerns

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President Donald Trump called on Attorney General Pam Bondi to lead an investigation into whether certain individuals working for former President Joe Biden conspired to deceive the public about his mental state while also exercising his presidential responsibilities by using an autopen.

In a memo on Wednesday, Trump said the president of the U.S. has a tremendous amount of power and responsibility through the signature. Not only can the signature turn words into laws of the land, but it also appoints individuals to some of the highest positions in government, creates or eliminates national policies and allows prisoners to go free.

‘In recent months, it has become increasingly apparent that former President Biden’s aides abused the power of Presidential signatures through the use of an autopen to conceal Biden’s cognitive decline and assert Article II authority,’ Trump wrote. ‘This conspiracy marks one of the most dangerous and concerning scandals in American history. The American public was purposefully shielded from discovering who wielded the executive power, all while Biden’s signature was deployed across thousands of documents to effect radical policy shifts.’

He continued, saying Biden had suffered from ‘serious cognitive decline’ for years, and the Department of Justice (DOJ) recently concluded that Biden should not stand trial, despite clear evidence he broke the law, because of his mental state.

‘Biden’s cognitive issues and apparent mental decline during his presidency were even ‘worse’ in private, and those closest to him ‘tried to hide it’ from the public,’ Trump said. ‘To do so, Biden’s advisors during his years in office severely restricted his news conferences and media appearances, and they scripted his conversations with lawmakers, government officials, and donors, all to cover up his inability to discharge his duties.’

Still, during the Biden presidency, the White House issued over 1,200 Presidential documents, appointed 235 judges to the federal bench and issued more pardons and commutations than any administration in U.S. history, Trump said.

The president wrote about Biden’s decision just two days before Christmas 2024, to commute the sentences of 37 of the 40 most dangerous criminals on federal death row, including mass murderers and child killers.

‘Although the authority to take these executive actions, along with many others, is constitutionally committed to the President, there are serious doubts as to the decision-making process and even the degree of Biden’s awareness of these actions being taken in his name,’ Trump wrote. ‘The vast majority of Biden’s executive actions were signed using a mechanical signature pen, often called an autopen, as opposed to Biden’s own hand. This was especially true of actions taken during the second half of his Presidency, when his cognitive decline had apparently become even more clear to those working most closely with him.

‘Given clear indications that President Biden lacked the capacity to exercise his Presidential authority, if his advisors secretly used the mechanical signature pen to conceal this incapacity, while taking radical executive actions all in his name, that would constitute an unconstitutional wielding of the power of the Presidency, a circumstance that would have implications for the legality and validity of numerous executive actions undertaken in Biden’s name,’ he added.

The memo goes on to call for an investigation that addresses if certain individuals, who are not named in the document, conspired to deceive the American public about the former president’s mental state and ‘unconstitutionally’ exercised the president’s authority and responsibilities.

Specifically, Trump called on the attorney general’s investigation to look at any activity that purposefully shielded the public from information about Biden’s mental and physical health; any agreements between his aides to falsely deem recorded videos of Biden’s cognitive ability as fake; and any agreements between Biden’s aides to require false, public statements that elevated the president’s capabilities.

The investigation will also look at which policy documents the autopen was used for, including clemency grants, executive orders, and presidential memoranda, as well as who directed Biden’s signature to be affixed to those documents.

Trump said last week that he thinks Biden did not really agree with many of his administration’s lax border security policies, instead suggesting that those surrounding the former president took advantage of his declining faculties and utilized the autopen to pass radical directives pertaining to the border.

House Republicans, led by Oversight Committee Chairman James Comer, launched an investigation earlier last month aimed at determining whether Biden, who was in declining health during the final months of his presidency, was mentally fit to authorize the use of the autopen. Comer said last week he was ‘open’ to dragging Biden before the House to answer questions about the matter if necessary. 

Fox News Digital’s Alec Schemmel contributed to this report.

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Biden insists ‘I made the decisions’ as Republicans investigate White House autopen use

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Former President Joe Biden doubled down on his use of an autopen on Wednesday, insisting that he was in control of the White House during his term in office.

President Donald Trump ordered an investigation into Biden’s administration, alleging that top officials used autopen signatures to cover up the former president’s cognitive decline.

‘I made the decisions about the pardons, executive orders, legislation, and proclamations. Any suggestion that I didn’t is ridiculous and false,’ Biden said in a statement.

‘This is nothing more than a distraction by Donald Trump and Congressional Republicans who are working to push disastrous legislation that would cut essential programs like Medicaid and raise costs on American families, all to pay for tax breaks for the ultra-wealthy and big corporations,’ he added.

Trump called on Attorney General Pam Bondi to open investigations into top Biden officials on Wednesday, arguing they may have conspired to deceive the public about his mental state and exercised presidential authority through the autopen use.

Trump wrote in a Wednesday memo that the U.S. president has a tremendous amount of power and responsibility through his signature. Not only can the signature turn words into laws of the land, but it also appoints individuals to some of the highest positions in government, creates or eliminates national policies and allows prisoners to go free.

‘In recent months, it has become increasingly apparent that former President Biden’s aides abused the power of Presidential signatures through the use of an autopen to conceal Biden’s cognitive decline and assert Article II authority,’ Trump wrote. ‘This conspiracy marks one of the most dangerous and concerning scandals in American history. The American public was purposefully shielded from discovering who wielded the executive power, all while Biden’s signature was deployed across thousands of documents to effect radical policy shifts.’

‘Given clear indications that President Biden lacked the capacity to exercise his Presidential authority, if his advisors secretly used the mechanical signature pen to conceal this incapacity, while taking radical executive actions all in his name, that would constitute an unconstitutional wielding of the power of the Presidency, a circumstance that would have implications for the legality and validity of numerous executive actions undertaken in Biden’s name,’ he added.

House Republicans, led by Oversight Committee Chairman James Comer, launched an investigation earlier last month aimed at determining whether Biden, who was in declining health during the final months of his presidency, was mentally fit to authorize the use of the autopen. Comer said last week he was ‘open’ to dragging Biden before the House to answer questions about the matter if necessary. 

Fox News’ Greg Wehner contributed to this report

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Crypto Market Recap: Truth Social Moves to Launch Spot Bitcoin ETF, Reserve Act Near?

Here’s a quick recap of the crypto landscape for Wednesday (June 4) as of 9:00 a.m. UTC.

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

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$105,057, as markets opened, down 0.3 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$105,099 and a high of US$106,807.

Bitcoin price performance, June 4, 2025

Chart via TradingView

Despite the price dip, institutional interest remains strong. Heath care technology provider Semler Scientific (NASDAQ:SMLR) recently acquired 185 BTC for US$20 million, bringing its total holdings to 4,449 BTC (US$500 million), underscoring continued confidence in Bitcoin’s long-term value.

Market analysts are closely monitoring key resistance levels, with some anticipating a potential breakout that could influence broader cryptocurrency market dynamics in the days ahead.

Ethereum (ETH) finished the trading day at US$2,606.37, a 0.8 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,592.85 and saw a daily high of US$2,645.67.

Altcoin price update

  • Solana (SOL) closed at US$158.90, down 3.2 percent over 24 hours. SOL experienced a low of US$154.80 in the final minutes of trading and reached a high of US$162.57.
  • XRP is trading at US$2.20, reflecting a 1.4 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.21 and a high of US$2.28.
  • Sui (SUI) peaked at US$3.31, showing a decreaseof 3.7 percent over the past 24 hours. Its lowest valuation on Monday was US$3.19, and its highest was US$3.33.
  • Cardano (ADA) is trading at US$0.6913, up 0.1 percent over the past 24 hours. Its lowest price of the day was US$0.6796, and it reached a high of US$0.7003.

Today’s crypto news to know

Trump-Linked Truth Social Takes Aim at Spot Bitcoin ETF Market

Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.

Submitted on behalf of Yorkville America Digital, the proposed ‘Truth Social Bitcoin ETF’ would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.

While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission (SEC) review of its S-1 registration statement before it can move forward.

JD Vance reveals Bitcoin Reserve Act is on the way

At the Bitcoin 2025 conference, Frax Finance founder Sam Kazemian disclosed his private conversation with Vice President JD Vance, who revealed the administration’s sweeping crypto roadmap.

According to Kazemian, Vance confirmed that stablecoin legislation is only the starting point, with a broader market structure bill and a Bitcoin Reserve Act also in the pipeline.

This reserve act would codify Bitcoin as a long-term federal asset, mirroring how some countries hold gold. Vance emphasized bipartisan support and framed crypto as central to economic innovation.

Kazemian also noted that Frax USD, his stablecoin project, may be designated legal tender under the upcoming legislation.

Trump-Linked Truth Social Takes Aim at Spot Bitcoin ETF Market

Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.

Submitted on behalf of Yorkville America Digital, the proposed ‘Truth Social Bitcoin ETF’ would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.

While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission (SEC) review of its S-1 registration statement before it can move forward.

GENIUS Act nears Senate vote amid sharp partisan divide

The bipartisan GENIUS Act, aimed at regulating stablecoins, could reach the Senate floor by the end of the week, according to journalist Eleanor Terrett.

Passed out of committee with a strong 66-32 vote in May, the bill still faces turbulence due to over 60 proposed amendments.

Much of the friction stems from concerns over conflicts of interest tied to Trump’s crypto engagements, including his backing of the USD1 stablecoin.

Lawmakers are now scrambling to trim the amendment list to a “manageable” level that both parties can agree on.

If consensus is reached, the Senate could vote within days — but failure to compromise may delay the bill into next week. The bill’s progress is closely watched by the US$248 billion stablecoin industry.

Trump-Linked crypto firm drops mini ‘stimulus check’ to wallets

World Liberty Financial, a Trump-family-backed crypto firm, sent US$47 worth of its USD1 stablecoin to every wallet involved in its WLFI token sale, effectively issuing a small-scale “stimulus check.”

The drop is being viewed as a marketing maneuver tied to growing momentum around the token, which is pegged to the US dollar and integrated with Chainlink’s CCIP for multichain expansion.

Though the amount is modest, it helped spur conversation on social media and drew attention to USD1’s role in major deals, including a US$2 billion investment into Binance by MGX.

World Liberty Financial currently boasts a US$200 million market cap for USD1 and is gearing up to release its own crypto wallet.

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

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

This post appeared first on investingnews.com

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Wildfires Slash Canadian Oil Output by 7 Percent

Wildfires sweeping through Canada’s energy-rich province of Alberta have forced major oil producers to suspend nearly 350,000 barrels per day (bpd) of output — about 7 percent of the country’s total production.

Experts are calling the fires one of the most disruptive events since the devastating Fort McMurray fire of 2016.

The Caribou Lake wildfire alone has scorched more than 61,500 hectares in Central Alberta and continues to expand, fanned by high winds and dry conditions, as per the Canadian Press.

According to company disclosures and industry estimates, firms including Cenovus Energy (TSX:CVE,NYSE:CVE), Canadian Natural Resources (TSX:CNQ,NYSE:CNQ) and MEG Energy (TSX:MEG,OTC Pink:MEGF) have scaled back operations as blazes threaten critical oil sands infrastructure near the Alberta-Saskatchewan border.

Cenovus Energy, one of the country’s largest oil producers, temporarily shut down its Christina Lake oil sands facility on May 29, affecting about 238,000 bpd of production. The company said on Sunday (June 1) that it expects a full restart in the near term and reported that there has been no damage to infrastructure so far.

Canadian Natural Resources shut off roughly 36,500 bpd of production at its Jackfish 1 facility and evacuated staff over the weekend. MEG Energy continues to operate its Christina Lake site, but reported that a wildfire-induced power outage has delayed the restart of its Phase 2B segment, which accounts for approximately 70,000 bpd of output.

Canada, the world’s fourth largest oil producer, generates about 4.9 million bpd of crude, most of it from Alberta.

Wildfires spread across the prairies

As of Monday (June 2), Alberta was battling 49 active fires, 26 of which were classified as ‘out of control.’ Saskatchewan and Manitoba, also grappling with the early wildfire season, reported 16 and 24 active fires, respectively.

Environment Canada forecasts show little immediate relief, with temperatures hovering in the high teens to low 20s Celsius and limited rainfall expected until the weekend.

Alberta Premier Danielle Smith announced that the province is reactivating its emergency management cabinet committee in anticipation of worsening conditions.

“We’ve got to be able to respond in a way that is going to be rapid,” she told reporters.

The Canadian Interagency Forest Fire Center reported that, as of Sunday, more than 1.4 million hectares had burned nationwide this year. The impact of the fires has been widespread — last week, Manitoba authorities urged around 17,000 residents in the remote north to evacuate due to escalating fire risk.

Global oil markets feel the heat

Alberta’s oil production loss, which is nearly equivalent to the amount of crude that OPEC+ recently agreed to reintroduce to the global market, is resonating beyond Canada’s borders.

With US sanctions restricting Venezuelan heavy crude exports and seasonal maintenance already curbing Alberta’s supply, the sudden production drop tightens an already constrained market for heavier oil grades.

While the physical damage to facilities so far appears minimal, the proximity of active fires to pipeline corridors and steam-assisted gravity drainage projects remains a concern.

Early on Monday, wildfires had advanced to within 10 kilometers of sites producing nearly 470,000 bpd.

Beyond oil production, the fires are impacting air quality across North America.

In parts of Minnesota and North Dakota, the US Environmental Protection Agency reported “unhealthy” air levels on Monday due to smoke drifting south from Canadian wildfires.

This mirrors conditions from last year, when Canadian blazes blanketed major US cities in smoke for weeks.

A pattern of risk

Canada’s energy sector has frequently been disrupted by wildfires.

In 2023, more than 100 wildfires in Alberta forced operators to shut down at least 319,000 barrels of oil equivalent per day — roughly 3.7 percent of national production. The 2016 Fort McMurray fire, the most severe in Canadian energy history, shut down over 1 million bpd and displaced tens of thousands.

While the 2025 fire season is still in its early stages, experts worry that the escalating pace and scale of the blazes together signal a structural shift driven by climate conditions.

Alberta’s firefighting crews remain deployed across dozens of burn sites, supported by federal and interprovincial reinforcements. Environment Canada expects a brief reprieve from dry weather mid-week, with showers possible by the weekend. Still, officials warn that conditions could remain volatile for weeks.

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

This post appeared first on investingnews.com

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Top 9 Nickel-producing Countries

The top nickel producing countries list has been shaken in recent years by Indonesia’s rapid rise to the top, beating the Philippines and New Caledonia.

Demand for nickel is mounting. Stainless steel accounts for the vast majority of nickel demand, but electric vehicle (EV) batteries represent a growing application for the base metal as the shift toward a greener future gains steam.

But while nickel’s long-term outlook appears bright, it may face headwinds in the short term. Nickel prices have been trending down since breaking US$20,000 per metric ton in May 2024 as weak usage coincides with strong output from top producer Indonesia.

What other dynamics are affecting nickel supply? If you’re interested in getting exposure to the market, you should be aware of the factors at play. To get you started, here’s a look at the top nickel-producing countries.

Top nickel production by country

This list of the top nickel-producing countries breaks down operations and news affecting the world’s top nickel countries in recent years. Figures are based on the US Geological Survey 2025 Mineral Commodity Summary.

1. Indonesia

Nickel production: 2.2 million metric tons

Indonesia’s produced a whopping 2.2 million metric tons of nickel in 2024, accounting for more than 50 percent of global output. Claiming first place for production by a long shot, Indonesia is a prime example of a country wanting to get in on the exploding market for nickel. Indonesia also hosts 55 million metric tons of nickel reserves.

Indonesia’s output of the base metal has grown tremendously from its 2017 production of 345,000 metric tons. The nation is actively building out its EV battery industry, and Indonesia’s close proximity to China, the world’s current leader in EV manufacturing, makes for an ideal setup. In May 2021, the country welcomed the commissioning of its first plant to process nickel for use in EV batteries.

‘In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery materials and EV production with global manufacturers,’ Euronews reported in early 2023.

Major auto maker Ford (NYSE:F) announced in December 2023 that it is taking a direct stake in the proposed US$3.8 billion Pomalaa battery nickel plant, which is planned to produce 120,000 MT of nickel annually using high pressure acid leaching technology.

Zhejiang Huayou Cobalt, one of the world’s largest nickel producers, has a 73.2 percent stake in the project, followed by Vale (NYSE:VALE) at 18.3 percent. Ford has agreed to an initial 8.5 percent interest, with an option to raise it to 17 percent. As of late 2024, Huayou is seeking out banks for roughly US$2.7 billion in financing.

The country’s nickel industry has seen several significant changes in 2025, with Indonesia responding to falling prices by significantly cutting its nickel mining quotas and announcing plans to introduce stricter environmental, social and governance practices in its resource industries.

2. Philippines

Nickel production: 330,000 metric tons

In 2024, the Philippines produced 330,000 metric tons of nickel. The country has been one of the top nickel-producing countries for quite some time, as well as a significant nickel ore exporter. Another country in close proximity to China, the Philippines currently has more than 30 nickel mines, including Rio Tuba, operated by Nickel Asia, one of the nation’s top nickel ore producers.

2023 was a big year for the country’s nickel mines as total production jumped from 345,000 to 413,000 MT. That surge was projected to continue as two of the Philippines’ biggest nickel producers, Nickel Asia and Global Ferronickel, were planning to invest about a combined US$2 billion to build new nickel-processing plants, Bloomberg reported.

However, many nickel miners in the Philippines were forced to reduce or halt production in 2024 as Indonesia’s production rates continue to flood the market, resulting in oversupply and declining prices, as per the US Geological Survey.

3. Russia

Nickel production: 210,000 metric tons

Russia produced 210,000 metric tons of nickel in 2024. Even though it holds the third spot on this list of the world’s top nickel producers, Russia has seen its nickel output drop from totals seen earlier this decade. In 2020, the nation’s nickel output totaled 283,000 metric tons.

Russia’s Norilsk Nickel is one of the world’s largest high-grade nickel and palladium producers. Nornickel’s flagship nickel asset is its Norilsk Division on the Taymyr Peninsula in Siberia, which includes multiple mines, concentrators and metallurgical plants. It also has assets in the Kola Peninsula in Northwest Russia.

In mid-2024, the United States and the United Kingdom joined forces to place a ban on Russian nickel imports.

4. Canada

Nickel production: 190,000 metric tons

Canada’s nickel production in 2024 totaled 190,000 metric tons, up significantly from 159,000 metric tons in 2023. The country’s Sudbury Basin is the second largest supplier of nickel ore in the world, and Vale’s Sudbury operation is located there.

Another key nickel producer in Canada is Glencore (LSE:GLEN,OTC Pink:GLCNF), which owns the Raglan mine in Québec and the Sudbury Integrated Nickel Operations in Ontario. The major miner’s Sudbury site includes the Nickel Rim South mine, the Fraser mine, the Strathcona mill and the Sudbury smelter.

Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF) is advancing its Crawford nickel sulfide project toward a construction decision in 2025. In February 2024, the company announced plans to develop a US$1 billion nickel processing plant in Ontario, which once complete would be North America’s largest.

In 2025, Canadian steel and aluminum has become the subject of a 25 percent tariff imposed by the US Trump administration, which he increased to 50 percent in June.

Nickel metal originating from Canada is currently exempt under the Canada-US-Mexico Agreement that replaced NAFTA in July 2020 under Trump’s first administration, but the metal’s use in stainless steel could cause a trickle-down effect. Last year, Canada was the largest exporter of nickel to the United States, accounting for 46 percent of US nickel imports. That’s compared to 11 percent from the next biggest supplier, Norway.

5. China

Nickel production: 120,000 metric tons

China’s nickel production in 2024 was 120,000 metric tons, up slightly from 117,000 metric tons in the previous year. Nickel production in the Asian nation has remained relatively consistent in recent years. In addition to being a top nickel-producing country, China is the world’s leading producer of nickel pig iron, a low-grade ferronickel used in stainless steel. Jinchuan Group, a subsidiary of Jinchuan Group International Resources (HKEX:2362), is a large nickel producer in China.

With Indonesia’s surplus weighing on the market, China’s position as a major importer of the country’s nickel and a top producer of stainless steel means that it also influences nickel price dynamics.

6. New Caledonia

Nickel production: 110,000 metric tons

In 2024, New Caledonia produced 110,000 metric tons of nickel, down more than 52 percent from its output in the previous year. The economy of this French territory just off the coast of Australia depends heavily on its nickel mining industry and the price of nickel, but recently New Caledonia’s nickel industry has been plagued by rising energy costs and sociopolitical unrest.

In February 2024, major miner Glencore made the decision to shutter its Koniambo nickel mine and put it up for sale. The company cited high operating costs and a weak nickel market.

Given these circumstances, the French government has offered a 200 million euro bailout package for New Caledonia’s nickel industry. But the move hasn’t gone as planned, with trader Trafigura deciding not to contribute to the bailout of Prony Resources Nouvelle-Caledonie and the Goro mine, in which it has a 19 percent stake.

While the Goro mine remains operational, its future is still in limbo.

7. Australia

Nickel production: 110,000 metric tons

Australia produced 110,000 metric tons of nickel in 2024, a more than 26 percent drop from its output in 2023. One top miner in the country is BHP (NYSE:BHP,ASX:BHP,LSE:BHP) through its Nickel West division.

Australia’s largest nickel mines also include First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Ravensthorpe and Glencore’s Murrin Murrin. Low prices have wreaked havoc on nickel mining in the country, leading to reduced or sidelined operations at six different nickel facilities in the country starting in December 2023, including Ravensthorpe.

The situation was enough to prompt the Australian government to add nickel to its critical minerals list, which allows the country’s nickel industry to receive support through the government’s AU$4 billion Critical Minerals Facility.

Australia is the source of 8 percent of US nickel imports according to US Geological Survey data. As of late-April 2025, Australian nickel is not yet the subject of US import tariffs.

8. Brazil

Nickel production: 77,000 metric tons

Brazil’s nickel production came in at 77,000 metric tons in 2024, down nearly 7 percent from the previous year as producers grappled with a weaker market.

Major nickel mining operations in the country include Atlantic Nickel’s Santa Rita nickel-copper-cobalt sulfide mine in the state of Bahia. Anglo American (LSE:AAL,OTCQX:AAUKF) is set to sell its nickel portfolio in the country, including its Barro Alto mine, to MMG (OTC Pink:MMLTF,HKEX:1208) subsidiary MMG Singapore Resources for up to US$500 million in cash.

Centaurus Metals (ASX:CTM,OTCQX:CTTZF) is advancing the Jaguar nickel project in the Carajás mineral province. The project hosts a resource of 138.2 million MT at an average grade of 0.87 percent nickel, totaling 1.2 million MT of contained nickel. Jaguar was one of three mining projects selected by the Brazilian government to receive support in obtaining environmental licenses.

9. United States

Nickel production: 8,000 metric tons

Lastly, the United States produced 8,000 metric tons of nickel in 2024, representing a more than 50 percent decline from the national output in the previous year.

The Eagle mine is the only primary nickel-mining property in the US. The asset, located on the Yellow Dog Plains in the Upper Peninsula of Michigan, is a small, high-grade nickel-copper mine owned by Lundin Mining (TSX:LUN,OTC Pink:LUNMF). Output from the mine was exported to smelters in Canada and overseas.

Nickel is included on the US’ critical minerals list, and in September 2023, under the Defense Production Act, the US Department of Defense awarded US$20.6 million to Talon Metals (TSX:TLO,OTC Pink:TLOFF) for further exploration and mineral resource definition at its Tamarack nickel-copper-cobalt project in Minnesota.

An environmental review process is underway for the proposed Tamarack underground mine. The company plans to process ore from the mine at a proposed battery mineral processing facility in North Dakota. Talon has said it intends to initiate the permitting process for the facility in 2025.

FAQs for nickel production

How is nickel mined and processed?

How nickel is mined and processed depends upon many factors, such as the size, grade, morphology and depth of the nickel deposit that’s under consideration. While lateritic nickel deposits are generally mined from open pits via strip mining, sulfide nickel deposits are often mined using underground extraction methods.

After mining, nickel ore is processed into higher-grade concentrates through crushing and separating nickel-bearing material from other minerals using various physical and chemical processing methods. Next, the concentrates are smelted in a furnace before the final stage of refinement using pyrometallurgical and hydrometallurgical processes.

How bad is nickel mining for the environment?

Nickel mining involves serious environmental concerns, including air and water pollution, habitat destruction, community displacement, wildlife migration pattern disturbances, greenhouse gas emissions and carbon-intensive energy use. Nickel-mining companies looking to supply the EV market are feeling the pressure to lessen the environmental footprint of their operations.

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

This post appeared first on investingnews.com

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