Ray Blanco:

Elon Musk Just Got a Win for Starlink in Saudi Arabia

Elon Musk announced Tuesday that Saudi Arabia has approved the use of Starlink, thanking the kingdom for allowing him to operate his satellite internet company in the country. 

Musk made the announcement while speaking at the Saudi-U.S. Investment Forum being held during President Trump’s visit to the Kingdom. He said Starlink would be used for “maritime aviation.” Musk also suggested he would bring Tesla's robotaxis to Saudi Arabia. 

“I think it would be very exciting to have autonomous vehicles here in the kingdom if you’re amenable,” he told the crowd. Tesla is testing robotaxis in Austin and San Francisco, but the company has not yet launched them commercially.

The Starlink news comes after a Washington Post report said the U.S. government was pushing countries facing heavy tariffs to approve the use of Musk’s satellite service. While the government cables cited in the story didn’t show a quid pro quo, they did include U.S. officials encouraging countries to approve Starlink’s use amid trade talks.

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Chris Campbell:

Greetings From Toronto

I’m headed to Consensus 2025. AKA, the Davos of crypto. Consensus began in 2015 at a time when Bitcoin was still considered the domain of anarchists. The first event was held in NYC, drawing a modest crowd of developers, VCs, and early Ethereum enthusiasts. 

This year’s Consensus feels different. Eric Trump is speaking. His new mining company American Bitcoin is reportedly going public. Then there’s Bo Hines. He’s heading the Presidential Council of Advisers for Digital Assets—and he’s laying out the White House's official strategy for crypto legislation.

Three things I’ll be tracking like a hawk: Stablecoins and Real-World Assets (RWAs), Decentralized physical infrastructure (DePIN) and AI x Blockchain.

Is crypto still a punchline? Or is it finally growing up? I’m voting on the latter. But I’m here at this conference to find out for sure.

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James Altucher:

U.S. Lawmakers Call for Change in Corporate Digital Asset Taxes

Two U.S. senators are calling on Treasury Secretary Scott Bessent to “exercise [the department’s] authority” and change a provision affecting taxes on corporate holdings of digital assets.

In a May 12 letter, Senators Cynthia Lummis and Bernie Moreno suggested Bessent had the authority to change the definition of “adjusted financial statement income” under existing U.S. law in a way that could reduce what digital asset companies pay in taxes.

“Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors,” said Lummis in a May 13 X post.

The call from the two senators came as lawmakers in the Senate are expected to consider another vote on the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act — legislation to regulate payment stablecoins in the U.S. A motion for consideration failed to move forward in the Senate on May 8 due to Democratic lawmakers pushing back on President Trump’s ties to the crypto industry.

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