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    The Sunday Read: ‘The For-Profit City That Might Come Crashing Down’

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    Tanya Pérez and Diane Wong and Listen and follow ‘The Daily’Apple Podcasts | Spotify | Amazon Music | YouTube | iHeartRadioIf Próspera were a normal town, Jorge Colindres, a freshly cologned and shaven lawyer, would be considered its mayor. His title here is “technical secretary.” Looking out over a clearing in the trees in February, he pointed to the small office complex where he works collecting taxes and managing public finances for the city’s 2,000 or so physical residents and e-residents, many of whom have paid a fee for the option of living in Próspera, on the Honduran island of Roatán, or remotely incorporating a business there.Nearby is a manufacturing plant that is slated to build modular houses along the coast. About a mile in the other direction are some of the city’s businesses: a Bitcoin cafe and education center, a genetics clinic, a scuba shop. A delivery service for food and medical supplies will deploy its drones from this rooftop.Próspera was built in a semiautonomous jurisdiction known as a ZEDE (a Spanish acronym for Zone for Employment and Economic Development). It is a private, for-profit city, with its own government that courts foreign investors through low taxes and light regulation. Now, the Honduran government wants it gone.There are a lot of ways to listen to ‘The Daily.’ Here’s how.We want to hear from you. Tune in, and tell us what you think. Email us at thedaily@nytimes.com. Follow Michael Barbaro on X: @mikiebarb. And if you’re interested in advertising with The Daily, write to us at thedaily-ads@nytimes.com.Additional production for The Sunday Read was contributed by Isabella Anderson, Anna Diamond, Sarah Diamond, Elena Hecht, Emma Kehlbeck, Tanya Pérez, Frannie Carr Toth and Krish Seenivasan. More

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      Naked Emperors and Crypto Campaign Cash

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      Once upon a time there was an emperor who loved being fashion-forward. So he was receptive to some fast-talking tailors who promised to make him a suit out of new, high-technology fabric — a suit so comfortable that it would feel as if he were wearing nothing at all. “Fortune favors the brave,” they told him.Of course, the reason the suit was so comfortable was that it didn’t exist; the emperor was walking around naked. But the members of Congress who made up his retinue didn’t dare tell him. For they knew that the tailors deceiving the emperor controlled lavishly funded super PACs that would spend large sums to destroy the career of anyone revealing their scam.OK, I changed the story a bit. But it’s one way to understand the remarkably large role the crypto industry is playing in campaign finance this year.Bitcoin, the original cryptocurrency, was introduced 15 years ago and was promoted as a replacement for old-fashioned money. But it has yet to find significant uses that don’t involve some sort of criminal activity. The crypto industry itself has been racked by theft and scams.But while crypto has thus far been largely unable to find legitimate applications for its products, it has been spectacularly successful at marketing its offerings. Cryptocurrencies, which are traded for other crypto assets but otherwise mainly seem suited for things like money laundering and extortion, are currently worth around $2 trillion.And in this election cycle the crypto industry has become a huge player in campaign finance. I mean huge: Crypto, which isn’t a big industry in terms of employment or output (even if you posit, for the sake of argument, that what it produces is actually worth something), accounts for almost half of corporate spending on political action committees this cycle.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      From Tips to TikTok, Trump Discards Policies With Aim to Please Voters

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      The former president’s economic agenda has made some notable reversals from the policies he pushed while in the White House.At his convention speech last month, former President Donald J. Trump declared that his new economic agenda would be built around a plan to eliminate taxes on tips, claiming that the idea would uplift the middle class and provide relief to hospitality workers around the country.“Everybody loves it,” Mr. Trump said to cheers. “Waitresses and caddies and drivers.”While the cost and feasibility of the idea has been questioned by economists and tax analysts, labor experts have noted another irony: As president, Mr. Trump tried to take tips away from workers and give the money to their employers.The reversal is one of many that Mr. Trump has made in his bid to return to the presidency and underscores his malleability in election-year policymaking. From TikTok to cryptocurrencies, the former president has been reinventing his platform on the fly as he aims to attract different swaths of voters. At times, Mr. Trump appears to be staking out new positions to differentiate himself from Ms. Harris or, perhaps, just to please crowds.To close observers of the machinations of Mr. Trump’s first term, the shift on tips, a policy that has become a regular part of his stump speech, has been particularly striking.“Trump is posing as a champion of tipped restaurant workers with his no-tax-on-tips proposal, but his actual record has been to slash protections for tipped workers at a time when they were struggling with a high cost of living,” said Paul Sonn, the director of National Employment Law Project Action, which promotes workers’ rights.In 2017, Mr. Trump’s Labor Department proposed changing federal regulations to allow employers to collect tips that their workers receive and use them for essentially any purpose as long as the workers were paid at least the federal minimum wage of $7.25 an hour. In theory, the flexibility would make it possible for restaurant owners to ensure that cooks and dishwashers received part of a pool of tip money, but in practice employers could pocket the tips and spend them at their discretion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Bitcoin and other cryptocurrencies plunge, mirroring global markets.

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      The prices of Bitcoin and other major cryptocurrencies plunged over the last two days, mirroring the volatility in global stock markets and ending a run of growth and excitement in the crypto industry.Bitcoin’s price has dropped about 12 percent since Sunday, falling to roughly $53,000. The price of Ether, the second most valuable cryptocurrency, was down nearly 20 percent over the same period.The precipitous falls show that digital currencies, once envisioned as an alternate asset class that would be shielded from gyrations in the world economy, remain vulnerable to the same broader economic forces that affect technology stocks and risky investments. And the panic is a reminder that Bitcoin and other cryptocurrencies are highly volatile, prone to dramatic increases and decreases in value.Just a few days ago, the crypto industry was flying high. In January, the approval of a new financial product tied to the price of Bitcoin prompted a market surge that propelled Bitcoin to its highest-ever price. The excitement even led to a wave of new memecoins, the digital currencies tied to internet jokes.That enthusiasm came to an end on Sunday, as global markets plunged. The panic was caused by several factors, including a slowdown in U.S. job creation and concerns that tech stocks had increased too quickly.As the price of Bitcoin cratered, investors shared despondent memes on X, while industry leaders tried to reassure crypto fans that the market would rebound.“Yikes,” Cameron Winklevoss, one of the founders of the crypto exchange Gemini, wrote on X on Sunday. And then a few minutes later: “Everything is fine.” More

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      24 horas en la campaña de Trump

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      Cuando Donald Trump intenta ganarse a un público que no es inherentemente el suyo, los resultados pueden ser algo incómodos.[Estamos en WhatsApp. Empieza a seguirnos ahora]El fin de semana pasado, en solo 24 horas, Donald Trump visitó dos mundos muy diferentes al suyo.El viernes por la noche se presentó ante líderes religiosos en West Palm Beach, Florida. La tarde siguiente estuvo en Nashville, charlando con miles de criptoevangelistas en una conferencia sobre bitcóin.Estos grupos no podrían ser más diferentes, y Trump —que ni es devoto ni domina la tecnología— no era el defensor ideal para ninguno de los dos. Y, sin embargo, las dos apariciones proporcionaron un caso práctico para observar cómo él va cambiando de códigos —del cristianismo a las criptomonedas— mientras hace campaña.Suplica, fanfarronea, hace promesas extravagantes. Y sus intentos de ganarse a un público que no es inherentemente el suyo pueden ser muy incómodos.El viernes habló en la Cumbre de los Creyentes, una conferencia religiosa organizada por Charlie Kirk, fundador de Turning Point USA, un grupo activista conservador. Se trataba de un evento de producción impecable, adecuado para los televangelistas sureños y los cientos de pastores y jefes de ministerios que acudieron a la cita.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      From Believers to Bitcoin: 24 Hours in Trump’s Code-Switching Campaign

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      When Donald J. Trump tries to win over a crowd that is not inherently his own, the results can be awkward.In a matter of just 24 hours this weekend, Donald J. Trump traversed two very different worlds, neither one of them his own.On Friday night, he appeared before religious leaders in West Palm Beach, Fla. The next afternoon, he was in Nashville, yukking it up with thousands of crypto-evangelists at a Bitcoin conference.The two groups could hardly be less alike, and Mr. Trump — neither a pious man, nor technologically savvy one — made for an unlikely champion at each. And yet, taken together, the two appearances provided a case study in how he code switches — from Christianity to crypto — as he campaigns.He begs, he blusters, he makes outlandish promises. And his attempts to win over a crowd that is not inherently his own can be acutely awkward.On Friday, he spoke at the Believers Summit, a religious conference put on by Charlie Kirk, the founder of Turning Point USA, a conservative activist group. It was a slickly produced affair befitting the Southern televangelists and hundreds of pastors and ministry heads who turned up for it.In this setting, martyrdom was the motif, and Mr. Trump leaned into it, hard. (“I took a bullet for democracy,” he said at one point.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump, Appealing to Bitcoin Fans, Vows U.S. Will Be ‘Crypto Capital of the Planet’

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      Former President Donald J. Trump vowed on Saturday that he would turn the United States into a “Bitcoin superpower” if returned to the White House, wielding much of the same rhetoric of persecution that he has applied to himself and his supporters to appeal to cryptocurrency enthusiasts who want to see less regulation.“Sadly, we see the attacks on crypto,” Mr. Trump told a gathering of cryptocurrency fans in Nashville. “It’s a part of a much larger pattern that’s being carried out by the same left-wing fascists to weaponize government against any threat to their power. They’ve done it to me.”He added that, if he were elected, “Joe Biden and Kamala Harris’s anti-crypto crusade will be over” and that “the moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”Mr. Trump has been competing with Robert F. Kennedy Jr., the independent presidential candidate, for the support of cryptocurrency holders, and his remarks represented one of his most direct pitches yet.Three large crypto firms have invested about $150 million to elect pro-crypto candidates in congressional races. In his speech, Mr. Trump promoted himself as “the first major party nominee in American history to accept donations in Bitcoin and crypto,” adding that his campaign has raised $25 million from cryptocurrency donations in the last two months.The former president offered promises of sweeping deregulation and the establishment of a “strategic national Bitcoin stockpile.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ether Cryptocurrency ETFs Are Approved by the SEC

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      The Securities and Exchange Commission gave its blessing to a fund that tracks the price of the most valuable cryptocurrency after Bitcoin.Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry.The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. The products would offer an easier and simpler way for people to invest in crypto, potentially boosting prices and promoting wider adoption of digital currencies.In January, the S.E.C. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoin’s price to a record high.The impact of the Ether approval could take longer to hit the market. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton. That process could take weeks or months, according to financial experts.An S.E.C. spokeswoman said the agency had no comment beyond a formal order approving the products.The news prompted celebration in the crypto industry. A representative for 21Shares, one of the companies seeking to offer the Ether investment product, called it an “exciting moment for the industry at large.”But industry critics called the approval a dangerous development that would encourage wider investment in a volatile market.“The S.E.C. failed to live up to its mission to protect investors and the markets,” Benjamin Schiffrin of Better Markets, a nonprofit that fights for stricter financial regulations, said in a statement.Offered by mainstream financial services firms, E.T.F.s are essentially baskets of assets — rather than buying the assets directly, customers buy shares in these baskets. The products are easy to trade, from brokerage accounts with companies like Vanguard or Charles Schwab, and are popular with wealth advisers and other financial mangers.In the crypto world, E.T.F.s offer another key advantage: simplicity. Rather than navigating the complexities of an online crypto wallet, a customer could go online and buy shares in a Bitcoin or Ether E.T.F. alongside stocks traded on Wall Street.For years, crypto advocates have seen these products as a promising way to encourage wider use of digital currencies. Before the Bitcoin E.T.F.s were approved, crypto companies battled the S.E.C. in the courts, securing a legal victory in August that forced the agency to allow the products.The Bitcoin E.T.F.s have proved to be enormously popular, attracting billions of dollars in investment.The price of Ether has rebounded over the last few months, after a crypto downturn that started in 2022. Ether currently trades at about $3,800 per coin, more than 20 percent off its high of just under $4,900.That’s a small fraction of the price of Bitcoin, which trades at about $68,000 per coin. More

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      Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base

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      An investigation identified national security risks posed by a crypto facility in Wyoming. It is near an Air Force base and a data center doing work for the Pentagon.President Biden on Monday ordered a company with Chinese origins to shut down and sell the Wyoming cryptocurrency mine it built a mile from an Air Force base that controls nuclear-armed intercontinental ballistic missiles.The cryptomining facility, which operates high-powered computers in a data center near the F.E. Warren base in Cheyenne, “presents a national security risk to the United States,” the president said in an executive order, because its equipment could be used for surveillance and espionage.The New York Times reported last October that Microsoft, which operates a nearby data center supporting the Pentagon, had flagged the Chinese-connected cryptocurrency mine to the federal Committee on Foreign Investment in the United States, warning that it could enable the Chinese to “pursue full-spectrum intelligence collection operations.” An investigation by the committee identified risks to national security, according to the president’s order.The order did not detail those risks. But Microsoft’s report to the federal committee, obtained last year by The Times, said, “We suggest the possibility that the computing power of an industrial-level cryptomining operation, along with the presence of an unidentified number of Chinese nationals in direct proximity to Microsoft’s Data Center and one of three strategic-missile bases in the U.S., provides significant threat vectors.”Now, the mine must immediately cease operations, and the owners must remove all their equipment within 90 days and sell or transfer the property within 120 days, according to the order, which cites the risks of the facility’s “foreign-sourced” mining equipment. A vast majority of the machinery powering cryptomining operations across the United States is manufactured by Chinese companies.Cryptomining operations are housed in large warehouses or shipping containers packed with specialized computers that typically run around the clock, performing trillions of calculations per second, hunting for a sequence of numbers that will reward them with new cryptocurrency. The most common is Bitcoin, currently worth more than $60,000 apiece. Crypto mines consume an enormous amount of electricity: At full capacity, the one in Cheyenne would draw as much power as 55,000 homes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More