President Donald Trump signed Executive Order 14420 on Wednesday, declaring a national emergency regarding the security of the U.S. bulk power system.

The order aims to block foreign-made bulk-power system equipment from being purchased or installed in the U.S. This includes critical software, firmware and remote-access capabilities.

Key Details of the Order

The Department of Energy has 120 days, roughly until Dec. 24, to finalize implementing rules and identify specific banned equipment or suppliers, per Reuters.

The order covers:

• Large substation transformers
• Utility-scale and grid-connected inverters
• Battery energy storage systems
• High-voltage circuit breakers
• Industrial control systems

Local electric distribution facilities are excluded.

Geopolitical Context

Trump’s order targets transactions tied to nations under U.S. arms embargoes or sanctions. The list includes roughly two dozen countries that is not named explicitly in the text but is widely read as aimed primarily at China, according to Reuters.

The move follows bipartisan concern over cybersecurity vulnerabilities in Chinese-made grid components, as well as a series of cyberattacks on U.S. water facilities, heightening scrutiny of critical infrastructure.

Stocks Worth Watching

Domestic manufacturers and onshore suppliers could see increased demand as utilities move away from foreign vendors ahead of the DOE’s rulemaking deadline.

Broader market weakness weighed on all four names in Friday’s session. However, the executive order sets up a multi-month catalyst window as DOE rulemaking unfolds through year-end.

Sen. Elizabeth Warren (D-Mass.) renewed her attack on President Donald Trump’s cryptocurrency interests Thursday, arguing his wealth is tied to an industry his administration is reshaping.

Warren stated on X that Trump owns approximately $1 billion in cryptocurrency while his administration shapes crypto policy. She argued the president should not profit from his own policy decisions.

Crypto Holdings and Revenue

Warren did not explain how she calculated the roughly $1 billion figure. Trump’s 2025 financial disclosure showed his companies generated more than $1.4 billion from crypto ventures. This included more than $520 million from World Liberty Financial token sales and over $635 million from Official Trump memecoin royalties.

The filing indicated Trump retained 15.75 billion World Liberty governance tokens valued above $50 million. Trump-affiliated companies held as much as $160 million in Bitcoin and Ethereum at the end of 2025.

Investor Losses

Warren’s criticism coincided with a Public Citizen report estimating investors in Trump-linked crypto products are at least $4.7 billion underwater. The watchdog stressed most losses remain unrealized.

Public Citizen estimated $3.2 billion in losses tied to the TRUMP memecoin. At least $1 billion involved World Liberty’s WLFI token. About $450 million in paper losses were recorded on Trump Media and Technology Group Corp.’s (NASDAQ: DJT) Bitcoin holdings.

Policy Context

Trump hosted cryptocurrency executives at the White House last week and urged Congress to pass a "fair version" of the Clarity Act. His administration has implemented federal stablecoin rules while scaling back some Justice Department and Securities and Exchange Commission crypto enforcement.

A White House spokesperson rejected conflict-of-interest allegations in June, stating neither the president nor his family has engaged in such conflicts. Trump previously defended his earnings, saying there is nothing illegal or wrong with them.