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Crypto
Analysis | Tech winners from Trump’s 2024 platform: crypto, AI and Elon Musk

The 16-page platform, proposed by Trump and adopted by Republican delegates Monday ahead of next week’s Republican National Convention, calls for boosting rather than restricting cryptocurrency and artificial intelligence. “Republicans will pave the way for future Economic Greatness by leading the World in Emerging Industries,” it promises.
Critics counter that the platform’s policies could lead to harm for consumers while abetting those emerging industries’ worst actors at the expense of real innovation.
The Republican Party’s top tech priority, per the document, appears to be promoting cryptocurrency.
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the platform asserts. “We will defend the right to mine bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
Trump’s pose as the pro-crypto candidate could be a savvy move, contended Chris MacKenzie, senior director of communications at the Chamber of Progress, a left-of-center trade group that receives funding from tech companies. In an open letter on Tuesday, his group called on President Biden to support bipartisan cryptocurrency legislation that is widely viewed as industry-friendly, noting that 18 million Americans hold or trade cryptocurrency.
“We see this as an opportunity for him to … take the mantle of being the crypto-positive candidate away from Trump, who has really worked to make that part of his campaign,” MacKenzie said.
That would be misguided, some consumer advocates say.
Boosting cryptocurrency is an odd plank for a major party, given the relatively minor role it plays in the broader economy, said Robert Weissman, president of the consumer advocacy group Public Citizen. He said its prominent place in the Republicans’ platform likely reflects the heavy lobbying effort by cryptocurrency interests, which he said is “obviously influencing politicians of both parties.”
“The enforcement standards currently being applied that Republicans propose to repeal or roll back are designed to protect Americans from scams, rip-offs and fraud, which has been prevalent in the crypto industry,” Weissman said. “Effectively this should be read as, ‘We aim to promote more fraud on everyday Americans.’”
The Republican platform also calls for repealing Biden’s executive order on AI.
“We will repeal Joe Biden’s dangerous Executive Order that hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology,” the platform reads. “In its place, Republicans support AI Development rooted in Free Speech and Human Flourishing.”
The sweeping order, which Biden signed in October 2023, placed new safety obligations on AI developers and called on federal agencies to mitigate the technology’s risks while spurring its responsible development. My colleagues Elizabeth Dwoskin, Drew Harwell and Cat Zakrzewski reported in May that an influential tech lobbying group had been laying the groundwork for a possible future Trump administration to dismantle those rules and funnel money into AI grants and contracts instead.
But it’s not clear how many AI companies actually want the order repealed.
“For American companies to continue to grow and lead in innovation domestically and around the world, U.S. policymakers need to help set the global norms for AI,” said Julia Massimino, executive vice president for government affairs at the Information Technology Industry Council, a global tech trade association, in an emailed statement. She said the group urges policymakers to prioritize policies that “build trust in the technology” while supporting its beneficial uses.
Suresh Venkatasubramanian, a Brown University computer science professor who helped craft the Biden administration’s thinking on AI, told Tech Brief that a hands-off approach to AI development “might have made sense” in the technology’s formative years. But he said “we are well past that point today.”
“We have mountains of evidence on why and how we need to govern AI systems that affect people’s rights, opportunities, and access to vital services,” Venkatasubramanian said.
The GOP’s platform includes one more tech-adjacent priority: Bolstering commercial space exploration.
“Under Republican Leadership, the United States will create a robust Manufacturing Industry in Near Earth Orbit, send American Astronauts back to the Moon, and onward to Mars, and enhance partnerships with the rapidly expanding Commercial Space sector to revolutionize our ability to access, live in, and develop assets in Space,” the document says.
A prime beneficiary of government investment in commercial space exploration would likely be Elon Musk, the billionaire who controls SpaceX, Tesla and X. In recent years, Musk has been increasingly vocal about his conservative views, and in 2022 he urged his massive following on X to vote Republican in the midterm elections. He has not endorsed a candidate for president, though he said after an impromptu March meeting with Trump that he’s “leaning away from Biden.”
The platform did not mention Section 230, the tech liability shield that Trump sought to repeal as president, or antitrust enforcement against tech giants, which ramped up under the Trump administration before the Biden administration adopted an even tougher line.
Meta to remove more posts about ‘Zionists’ in push to fight antisemitism
Meta is more aggressively removing some social media posts containing the word “Zionist” when it appears to be a proxy for Jew — an effort to counter a wave of antisemitism online after the start of the Israel-Gaza war, our colleague Naomi Nix reports for Tech Brief.
Meta announced Tuesday that it’s expanding its existing hate speech policy to remove more content attacking “Zionists” when it is not critiquing the political movement but appears to be spreading antisemitic stereotypes or calling for harm against Jews or Israelis “under the guise of attacking Zionists,” the company said in a blog post.
The social media giant currently bans all attacks on people based on race, religion, nationality or sexual orientation, including posts that spread “harmful stereotypes” or dehumanize people. Under that policy, Meta has treated the word Zionist as a proxy for Jewish or Israeli in limited circumstances, such as comparing them to rats — a known antisemitic trope.
Now, Meta will remove more content that includes the word Zionist, such as posts that claim Zionists are running the world or controlling the news media, or posts that compare Zionists to pigs, filth or vermin.
Meta has been discussing the potential policy change with civil society groups for months. And while the shift has already earned the company support from some Jewish groups, it’s likely to bring criticism from some digital rights activists and pro-Palestinian groups, who have argued the new approach will stifle legitimate critiques of the Israeli government and Zionism during a catastrophic war.
U.S. and allies take down Russian ‘bot farm’ powered by AI (Joseph Menn)
In first, federal regulators ban messaging app from hosting minors (Cristiano Lima)
U.S. plans up to $1.6 billion in funding for packaging computer chips (New York Times)
Microsoft is hiking the price of Xbox Game Pass Ultimate and launching a new ‘Standard’ tier (The Verge)
Google is no longer claiming to be carbon-neutral (Bloomberg)
Amazon says it reached a climate goal seven years early (New York Times)
Microsoft and Apple drop OpenAI seats amid antitrust scrutiny (Financial Times)
Google Maps’ speedometer finally comes to iOS and CarPlay (Engadget)
Kamala D. Harris’s awkward quotes are being turned into internet memes (Taylor Lorenz)
Your partner wants your online passwords. Say no. (Tatum Hunter)
Tesla’s Secret: Elon Musk’s car gets VIP treatment for self-driving AI (Business Insider)
Victor Peng, president at the Santa Clara, Calif.-based semiconductor firm Advanced Micro Devices, has been selected to join the Steering Committee of the National Semiconductor Technology Center Consortium, where he will represent the private sector in a volunteer capacity.
- The Federalist Society hosts a fireside chat with the FTC’s Melissa Holyoak on Wednesday at noon.
- The Senate Commerce Committee holds a hearing, “The Need to Protect Americans’ Privacy and the AI Accelerant,” Thursday at 10 a.m.
- The congressional internet Caucus Academy hosts an event, “Tech Platforms and the 1st Amendment: Impact of Supreme Court Rulings,” on Friday at noon.
That’s all for today — thank you so much for joining us! Make sure to tell others to subscribe to Tech Brief. Get in touch with Cristiano (via email or social media) and Will (via email or social media) for tips, feedback or greetings!

Crypto
Senate to try again to advance crypto bill after Democratic opposition tanked first vote

Washington — The Senate is expected to take a key procedural vote Monday evening on a crypto regulation bill after Democratic opposition tanked an initial attempt to advance the measure earlier this month amid concern over ties between the digital asset industry and the Trump family.
The first-of-its-kind legislation, known as the GENIUS Act, would create a regulatory framework for stablecoins — a type of cryptocurrency tied to the value of an asset like the U.S. dollar. After the measure advanced out of the Senate Banking Committee with bipartisan support in March, Senate GOP leadership first brought the measure to the floor earlier this month. But the measure had lost Democratic support in the intervening weeks amid concerns about President Trump and his family’s business ventures involving cryptocurrency.
Senate Majority Leader John Thune said the upper chamber would try again to advance the legislation on Monday, while criticizing Democrats for blocking the measure from moving forward earlier this month, saying “this bill reflects the bipartisan consensus on this issue, and it’s had an open and bipartisan process since the very beginning.”
Thune, a South Dakota Republican, argued that Senate Democrats “inexplicably chose to block this legislation” earlier this month, while adding that “I’m hoping that the second time will be the charm.”
Nathan Posner/Anadolu via Getty Images
Since the failed vote earlier this month, negotiators returned to the table. And ahead of the procedural vote Monday, the measure saw backing from at least one Democrat as Sen. Mark Warner of Virginia advocated for the measure, calling it a “meaningful step forward,” though he added that it’s “not perfect.”
“The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines,” Warner said in a statement. “We need clear rules of the road to protect consumers, defend national security, and support responsible innovation.”
Still, Warner pointed to concerns he said are shared among many senators about the Trump family’s “use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans,” after it was announced earlier this month that an Abu Dhabi-backed firm will invest billions of dollars in a Trump family-linked crypto firm, World Liberty Financial.
Warner said senators “have a duty to shine a light on these abuses,” but he argued “we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay.”
Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee, has been among the leading voices advocating for adding anti-corruption reforms to the legislation. Warren has outlined a handful of issues with the bill, saying that it puts consumers at risk and enables corruption. In a speech Monday on the Senate floor, Warren said her concerns have not been addressed and urged her colleagues to vote against the updated version.
“While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all,” Warren said. “A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the president’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.”
Whether the measure can advance in the upper chamber this time around remains to be seen. The measure fell short of the 60 votes necessary to move forward earlier this month, with all Senate Democrats and two Republicans — Sens. Rand Paul of Kentucky and Josh Hawley of Missouri — opposing. Paul has reservations about overregulation, while Hawley voted against the bill in part because it doesn’t prohibit big tech companies from creating their own stablecoins.
Sen. Bill Hagerty of Tennessee, who sponsored the legislation, defended the measure on CNBC’s “Squawk Box” Monday. He outlined that a lack of regulatory framework, which the bill would provide, makes for uncertainty — and results in innovative technology moving offshore. The Tennessee Republicans urged that “this will fix it,” while arguing that the bill has strong bipartisan support.
“We have broad policy agreement, Democrats and Republicans,” Hagerty said. “The question is can we get past the partisan politics and allow us to actually have a victory.”
Crypto
Bitcoin notches record weekly close after highest-ever daily close candle
Bitcoin has notched its highest-ever weekly close as crypto market momentum continues and the cryptocurrency is again nearing its all-time high.
Bitcoin (BTC) has closed at a weekly gain for the past six weeks in a row, and its most recent close at midnight UTC on May 18 was its highest weekly close ever at just below $106,500, according to TradingView.
Its last highest weekly close was in December when it reached $104,400. It later went on to reach an all-time high of $109,358 on Jan. 20, according to TradingView.
Bitcoin is now less than 3% away from its peak price and has gained 2% over the past 24 hours to trade around $104,730 at the time of writing.
Bitcoin also posted its highest-ever close in a 24-hour period on May 18. However, this is not the largest daily gain Bitcoin has made.
“Bitcoin just had its highest daily candle close… ever,” investor Scott Melker posted to X on May 19.
With a daily close above $105,000, “Bitcoin will develop a brand new higher high,” said analyst Rekt Capital.
Bitcoin’s weekly gains over the past six weeks are mirroring its gains in November when it added $30,000 in three of its largest weekly candles ever.
It has added around $12,000 so far in May, climbing from $94,000 to over $106,000 before it pulled back to around $105,400.
Related: BTC price to $116K next? Bitcoin trader sees ‘early week’ all-time high
Additionally, Arete Capital partner “McKenna” said the Coinbase premium had returned, which measures US sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent.
The “strength of this bid on a Sunday night feels strange,” they said, adding its “possible someone knows some important news dropping next week.”
Bitcoin’s CAGR cools down
On May 18, analyst Willy Woo dived into Bitcoin’s compound annual growth rate (CAGR), noting that it was trending downward as the network continues to store more capital.
“BTC is now traded as the newest macro asset in 150 years, it’ll continue to absorb capital until it reaches its equilibrium,” he said.
Woo compared it to long-term monetary expansion of 5% and GDP growth of 3%, estimating that Bitcoin’s annual growth rate will be around 8% in around 15 to 20 years when it has settled.
“Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC’s CAGR continues to erode.”
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
New regulations threaten the security of the personal data of cryptocurrency users and may expose them to “physical danger,” the platform at the center of last week’s Paris kidnapping attempt has claimed.
“A ticking time bomb,” said Alexandre Stachtchenko, director of strategy at French platform Paymium, referring to the way information must now be collected during cryptocurrency transfers under EU rules.
He did not directly link this to a kidnapping attempt on Tuesday which, according to a police source, targeted the daughter and grandson of Paymium’s chief executive.
“If there is a leak of one of these databases from which I can find out who has money and where they live, then the next day it is on the dark web, and the day after there is someone outside your home,” Stachtchenko said. Data theft is commonplace. On Thursday, the leading cryptocurrency exchange in the United States, Coinbase, said criminals had bribed and duped their way into stealing digital assets from its users, then tried to blackmail the exchange to keep the crime quiet.
Instead of paying up, Coinbase informed US regulators about the theft and made plans to spend between $180 million and $400 million to reimburse victims and handle the situation.
Following the kidnapping attempt, Paymium issued a statement urging authorities to immediately reinforce the protection of companies within the sector, after other similar incidents this year.
Founded in 2011 and presenting itself as a European pioneer of bitcoin trading, Paymium also cited “the highly dangerous aspects of certain financial regulations, either recently adopted or in the making.”
It added, “With the unprecedented organization of massive and sometimes disproportionate collection of personal data, public authorities contribute to putting the physical safety of millions of cryptocurrency holders in France, and more widely in Europe, at risk.” In its sights are rules which came into force at the end of 2024 and which extended the Travel Rule in place for traditional finance transfers to include crypto assets.
The rules now require platforms to gather details about the beneficiary and, in return, transmit certain information about the customer to the receiving institution, including their name and postal address.
Also to be disclosed is the “address” of a customer’s cryptocurrency wallet, which shows details of their account and transactions, said Stachtchenko.
Such sensitive data is sometimes exchanged and stored insecurely by certain players.
Regulatory changes to tighten the rules on the crypto sector aim to “prevent the financial system from being used for corruption, money laundering, drug trafficking” among other criminal activities, said Sarah Compani, a lawyer specializing in digital assets.
Data collection is carried out by parties including banks, insurance companies and crypto-service providers, which are “supervised” and subject to heavy “security obligations, particularly IT and cybersecurity,” said William O’Rorke, a lawyer at cryptocurrency firm ORWL.
In 2027, European anti-money laundering regulations will restrict the use of wallets and cryptocurrencies that allow the holders to remain anonymous.
It follows a French law adopted last month to fight narcotrafficking, which targets anonymization devices such as the cryptocurrency “mixers” used to render funds untraceable.
There are many “legitimate interests” in having such tools however, said cybersecurity expert Renaud Lifchitz. He noted that they are sometimes used by journalists, or by activists opposed to an authoritarian regime which controls the traditional banking system.
The debate is more “political” than “security-related,” argued O’Rorke.
The recent kidnappings and attempted kidnappings can be explained above all by a “somewhat nouveau riche” and “ill-prepared” cryptocurrency sector, he said.
Since 2014, software developer Jameson Lopp has recorded 219 physical attacks targeting cryptocurrency users.
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