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National

Crypto

Axios Crypto

While the watch party for $100,000 bitcoin enters its second week, fans of ether are feeling left out. 

Why it matters: The second largest cryptocurrency, has risen in lock step with bitcoin over the last two cycles, matching BTC's highs with highs of its own — but it's been lagging behind this time around.

By the numbers: In 2017, bitcoin peaked in December at around $20,000. Then in January, ether peaked at about $1,400.

In November 2021, bitcoin peaked around $70,000. Ether peaked around $4,500 just three days later.

Yes, but: Bitcoin has broken its all-time high twice this year, while ether has bobbed around $3,000 all year, nearly 30% off its high-water mark in 2021.

And that's while other top-10 cryptocurrencies have jumped on bitcoin for the ride.

A line chart that illustrates the daily prices of bitcoin and ether from January 1 to November 25, 2024. The two stayed relatively close until early August, when ehter started underperforming bitcoin, particularly when bitcoin rose to its current peak of +132% for the year, outpacing ether at +48%.

Change in bitcoin and ether prices

Between the lines: The reality of this must be doubly discouraging for Ethereans — the community behind the Ethereum blockchain network — because it had been working so hard to improve itself over Crypto Winter.

For example, it launched a new way of securing the network that used less energy (a validation system called proof-of-stake).

It spun up a ton of new connected blockchains to lower costs and moved software updates to improve the user experience. 

The intrigue: On top of that, ether got a stamp of legitimacy in July when ether ETFs got approved, giving investors that prefer regulated products a way to access the ecosystem.

But while bitcoin ETFs have now passed $100 billion in total assets, ether ETFs sit at under $10 billion.

The intrigue: Those exchange-traded products don't give investors access to everyone's favorite thing about ether these days: earning yield through so-called "staking" revenue.

What they're saying: "The fact that there is staking rewards to be held for those who hold Ethereum directly, it makes those ETFs a little less of a silver bullet," BlackRock's head of digital assets products, Robbie Mitchnick, said on the Unchained Podcast.

Ether is also "a little bit more of a nuanced argument" around technology and innovation, he noted, versus bitcoin's simpler digital gold thesis.

Still, Mitchnick noted that, for some investors, ether's historical returns more than make up for any of that.

The problem is, ether hasn't been delivering this time.

Zoom out: One issue is that those new connected blockchains mentioned above — chains secured by Ethereum proper — have diluted attention to the parent chain.

Ethereum is a giant computer that no one controls, and users pay the Ethereum blockchain, in ETH, for it to do computational work.

Want to send a token to someone else? That costs a little bit of compute, so Ethereum needs to get paid a little ETH to do it.

If more people want to do things on Ethereum, ETH is worth more.

But now, much of the activity in what's known as the "Ethereum ecosystem" has moved to other chains, where it's been growing. 

That's good for crypto users, but not so good for ether holders. It means users are paying its little brother and little sister chains for all activity in 2024, so ether is less dear. 

The latest: All that said, as of Monday ether's been on a bit of a run. Over the past seven days, it's up 8.1%. Over the past 30 days, it's gained 37%.

In fact, in its weekly report, market-making firm Wintermute's over-the-counter desk reports that bets on stronger ETH price toward year's end are starting to come in.

What we're watching: A new SEC administration might even be open to ETFs with staking built in.

Ether: Why the second largest cryptocurrency can't keep up with bitcoin

Bitcoin's rise has driven many other big coins up, but not ETH.

Illustration of a hand poking a stick at an Etherum logo that is lying on the ground. 

Business

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

A judge granted Special Counsel Jack Smith's request Monday to drop all charges against President-elect Trump in the federal case over his alleged efforts to overturn the 2020 election. 

Why it matters: Smith has already taken steps to wind down the two federal cases against Trump that he's overseeing after the president-elect became the first convicted felon to win the White House. 

Smith has been in discussions with Justice Department officials about how to put the cases to rest. 

Beyond Trump's win, the Supreme Court's presidential immunity ruling thrust the D.C. case into complicated legal territory, leaving the judge to grapple with how much of the case could proceed given the highest court's decision.

Driving the news: U.S. District Court Judge Tanya Chutkan granted Smith's motion hours after it was filed Monday.  She dismissed the case without prejudice, meaning it could be reopened in the future.

Smith wrote in the filing seeking the dismissal of the election interference case that while prosecutors' view of Trump's alleged crimes has not changed, the circumstances surrounding his looming trial have. 

Trump's victory "sets at odds two fundamental and compelling national interests," Smith wrote: the Constitutional requirement that the president should not be "unduly encumbered" and a commitment to the rule of law.

There is longstanding policy at the Justice Department that a sitting president can't be prosecuted — a reality that made the stakes of Trump's presidential bid even higher. 

"This outcome is not based on the merits or strength of the case against the defendant," Smith's filing read.

Zoom out: Smith also filed Monday to dismiss his appeal in Trump's classified documents case, which was dismissed this summer by Judge Aileen Cannon.

But the appeal concerning the other two defendants in the case, Walt Nauta and Carlos De Oliveira, will continue, Smith noted in his motion to dismiss with the 11th Circuit Court of Appeals.

Catch up quick: Chutkan accepted a motion from Smith to pause proceedings in the Jan. 6 case and cancel remaining deadlines earlier this month after Trump secured his historic win. 

Flashback: Smith filed a slimmed-down superseding indictment in the federal Jan. 6 case in August following the Supreme Court's ruling that presidents have immunity for "official acts."

The four charges Trump faced remained the same: conspiracy to defraud the U.S., conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding and conspiracy against rights.

But the document was shaved down in response to the conservative-leaning court's decision. 

What they're saying: Trump spokesperson Steven Cheung celebrated Smith's motion as "a major victory for the rule of law" in a Monday statement.

"These cases, like all of the other cases I have been forced to go through, are empty and lawless, and should never have been brought," Trump said in a Truth Social post. 

Go deeper: Trump's New York hush money sentencing paused indefinitely, judge rules

Editor's note: This story has been updated with President-elect Trump's comments on Truth Social and Judge Chutkan's ruling.

Trump's New York hush money sentencing paused indefinitely, judge rules

Trump's 2020 election interference case dismissed following Jack Smith request

Smith also sought to drop Trump the classified documents case in Florida.

 Special Counsel Jack Smith arrives to give remarks on a recently unsealed indictment including four felony counts against former Donald Trump on August 1, 2023 in Washington, DC. Photo: Drew Angerer/Getty Images

2020 election

Donald Trump

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

President-elect Trump's pick for Labor secretary, Rep. Lori Chavez-DeRemer (R-Ore.), appears to be a genuine union supporter and that's freaking out some business groups and conservative advocates. 

Why it matters: Trump campaigned as a pro-worker and somewhat pro-labor candidate — though he was a decidedly anti-union president in his first term.

This pick is a marked change — and a win for Teamsters president Sean O'Brien who pushed for Chavez-DeRemer.

Between the lines: The nomination, part of Trump's "messy coalition," is a sign that O'Brien's decisions to speak at the Republican National Convention and to refrain from endorsing a presidential candidate are already paying off.

Catch up fast: The daughter of a Teamsters father, Chavez-DeRemer served just one term in the House — she lost a close race in November.

She was one of just three Republicans to co-sponsor the Pro Act, a bill reviled by conservative groups, most Republicans and the business lobby.

Perhaps most controversially, the bill would hold companies accountable for workers they don't directly employ. 

For example, McDonald's would be responsible for workers at its franchises. Or Uber for its drivers. The first Trump administration reversed a similar rule. (Intriguingly, Chavez-DeRemer voted for a resolution to overturn a Biden effort to revive it.)

State of play: Business groups and Republican lawmakers want to know where she stands on the Pro Act now. 

"That's going to be the issue she's going to have to answer for," in meetings with lawmakers, says Matthew Haller, CEO of the International Franchise Association.

Meanwhile: Others quickly condemned her, including the Wall Street Journal and several conservative advocates on X.

Not all Republicans are wary: "President O'Brien was a strong voice in a chorus that includes many Republicans eager to ensure the GOP acts in the interests of working people, not just corporations and financial elites," Teamsters spokesperson Kara Deniz tells Axios.

Rep. Tom Emmer (R-Minn.) was among a few GOP lawmakers who encouraged Trump to go with Chavez-DeRemer, according to Deniz and a source familiar with the process. 

Rep. Mike Lawler (R-N.Y.) advised her on how to play the situation, another source familiar told Axios.

Sen. Josh Hawley (R-Mo.) called her a "great pick!" on X.

Reality check: Trump's first term was staunchly anti-labor, and union groups today aren't holding their breath for a 180 — putting out cautious statements of support that call out Trump's positions in his first term.

"Donald Trump is the President-elect of the United States — not Rep. Chavez-DeRemer — and it remains to be seen what she will be permitted to do," AFL-CIO president Liz Shuler said in a statement.

What to watch: How the incoming administration treats public-sector unions as it tries to slash the size of the federal workforce.

Axios' Juliegrace Brufke contributed reporting 

Why Lori Chavez-DeRemer, Trump's labor pick, is rattling conservatives

Business groups are watching to see if Chavez-DeRemer walks back past support for a pro-union bill.

Rep. Lori Chavez-DeRemer, R-Ore., attends a signing ceremony in the U.S. Capitol

Rep. Lori Chavez-DeRemer. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Axios AM

President-elect Trump is expected to appoint ultra loyalist Kash Patel to a high-profile position at either the FBI or the Justice Department, top transition sources tell Axios.

Why it matters: Patel would be a deeply controversial pick for any leadership role, especially FBI director. Given the hurdles Patel might face winning Senate confirmation, Trump is considering naming him deputy director or to an appointed investigative role within DOJ, the sources said.

State of play: A final decision hasn't been made. Trump still could change his mind, including by elevating Patel all the way to FBI director — a move that would send Gaetz-like shockwaves throughout Washington.

"Kash has a lot of allies who think placing him in a top role would be well-received by the Trump base, and send a clear message that Trump is serious about major reform to the justice and law-enforcement agencies," a transition source told Axios.

Missouri Attorney General Andrew Bailey also is being considered for FBI director after Trump chose Pam Bondi to lead the Justice Department. But a consensus pick hasn't emerged.

What they're saying: "President-elect Trump has made brilliant decisions on who will serve in his second administration at lightning pace. Remaining decisions will continue to be announced by him when they are made," Trump transition spokesperson Karoline Leavitt told Axios.

The big picture: Trump has signaled he will fire current FBI director Christopher Wray, whom he nominated in 2017 to serve a 10-year term after ousting James Comey.

Trump has viewed the FBI with deep distrust dating back to the bureau's 2016 probe into his campaign's alleged ties to Russia, which later turned into the Mueller investigation.

Trump sees the FBI and the Justice Department as the heart of the so-called "Deep State" — a cabal of bureaucrats that Trump believes sabotaged his first presidency — and is intent on rooting out non-loyalists in his second term.

Zoom in: Patel, who rose to prominence waging war against the Russia investigation as an aide to former Rep. Devin Nunes (R-Calif.), shares those aims.

Patel served on Trump's National Security Council and later as chief of staff to acting Defense Secretary Christopher Miller, before publishing a book in 2023 that Trump praised as a "blueprint" for purging the government of "corrupt" actors.

Patel has openly discussed retaliation against Trump's political enemies in government and media, and wrote in his book: "[T]he FBI has become so thoroughly compromised that it will remain a threat to the people unless drastic measures are taken."

"No part of the FBI's mission is safe with Kash Patel in any position of leadership in the FBI, and certainly not in the deputy director's job," former FBI deputy director Andrew McCabe told CNN last week.

Flashback: Former CIA director Gina Haspel threatened to resign in December 2020 after Trump concocted a plan to install Patel as her deputy, as Axios first reported.

Zoom out: Bailey is also a Trump loyalist, but his experience and traditional conservative credentials would likely pave a smoother path to confirmation by the Senate.

As Missouri attorney general, Bailey has led high-profile lawsuits against the Biden administration's student loan forgiveness program and alleged censorship on social media.

Bailey also sued the state of New York for alleged election interference and wrongful prosecution after Trump was convicted on 34 felony counts in his Manhattan hush-money case.

Between the lines: In a Cabinet stocked with a dizzying array of ideological rivals, the FBI has emerged as the final battleground in a fierce tug-of-war between MAGA and traditional Republicans.

Former Rep. Mike Rogers (R-Mich.) was believed to be among the finalists for FBI director, before MAGA influencers intervened to kill his possible nomination.

"Just spoke to President Trump regarding Mike Rogers going to the FBI. It's not happening — in his own words, "I have never even given it a thought," Trump aide Dan Scavino tweeted as the rebellion brewed last week.

Scoop: Trump likely to tap loyalist Kash Patel for top FBI or DOJ post

If named FBI deputy director, Patel would not require Senate confirmation.

Axios

Monday's top stories

Ether: Why the second largest cryptocurrency can't keep up with bitcoin

Trump's 2020 election interference case dismissed following Jack Smith request

Why Lori Chavez-DeRemer, Trump's labor pick, is rattling conservatives

Scoop: Trump likely to tap loyalist Kash Patel for top FBI or DOJ post

What Trump's Treasury secretary has planned for the economy

U.S. believes Israel-Hezbollah ceasefire deal reached: senior official

Majority of voters approve of Trump transition, poll finds

U.S. sees record number of women state lawmakers

Pretty much all Gen Z knowledge workers are using AI, survey finds

Patients rush to get reproductive care before Trump takes office