Musk Doubles Down on Tesla—Demands National Crypto Framework Amid Market Chaos

Elon Musk storms back into Tesla HQ—not with a new EV, but a crypto crusade. The mercurial CEO pushes regulators for a unified digital asset framework, just as Bitcoin wobbles near $60K.

Wall Street groans—another ’Musk Effect’ volatility spike incoming? Meanwhile, crypto traders shrug: ’We’ve seen this movie before.’

Bonus jab: Treasury officials reportedly eyeing X as their new Bloomberg Terminal—because nothing says ’financial stability’ like meme-stock tweets.

Musk returns to Tesla to push for a national framework

At the heart of Musk’s push is Tesla’s plan to launch a rideshare service in Austin on June 12, using a fleet of Model Y SUVs. Tesla eventually plans to replace those vehicles with its purpose-built Cybercab, which is projected to reach volume production for the ride-share service.

However, federal law currently only allows automakers to deploy 2,500 vehicles per year without traditional driver controls under a limited exemption from the National Highway Traffic Safety Administration (NHTSA). That’s a ceiling Musk wants to raise or eliminate entirely.

“It’d be wonderful for the United States to have a national set of rules for autonomous driving instead of 50 state-specific standards,” Musk told U.S. Transportation Secretary Sean Duffy during a May visit to Tesla’s headquarters.

The Lummis bill aims to restart momentum on a policy debate that has stalled for years. A previous bill backed by Rep. Bob Latta (R-OH) passed the House in 2017 but never made it to a Senate vote.

Now, with Tesla, Waymo, Zoox, and others pushing harder than ever, there’s growing pressure to update federal rules.

Rep. Latta is also working on an updated version of his earlier legislation, with sources suggesting it may be reintroduced in the House within weeks.

After years of juggling multiple ventures and, most recently, heading the Department of Government Efficiency (DOGE) in President Trump’s second administration, Musk has signaled a more concentrated focus on Tesla, particularly its AI and robotics initiatives.

Autonomy is central to that vision, and Musk has described Tesla’s ride-sharing ambitions as a future growth engine — one that could dwarf traditional car sales.

White House open to federal rules but not making promises

The TRUMP administration has shown openness to developing federal standards for AVs but has stopped short of committing to any specific framework.

“The administration’s policy is driven by one thing and one thing only: achieving the president’s agenda and his commitment to the American people,” said WHITE House Deputy Press Secretary Harrison Fields in a statement.

A White House official familiar with the discussions added that Tesla “has to make business decisions in its own best interest” and added that the President will continue to pursue and create infrastructure that strengthens America’s energy dominance.

For now, Tesla’s ridesharing launch in Texas will benefit from the state’s relatively relaxed AV regulations, which treat self-driving vehicles much like conventional cars, provided they carry insurance, obey traffic laws, and use sensors or cameras.

However, in other states, varying rules or complete legal ambiguity could prevent expansion.

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