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

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

Happy Wednesday! Did somebody order the London Symphony Orchestra? Send news tips to: will.oremus@washpost.com.

Below: Meta will take down more posts about “Zionists.” First:

The 2024 GOP platform looks to boost crypto, AI and Elon Musk.

For a party whose leaders, including former president Donald Trump, have often railed against Big Tech, the Republicans’ new platform has relatively little to say about tech regulation. And what it does say signals a laissez-faire if not outright cozy approach to emerging sectors that have drawn scrutiny from the Biden administration.

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.

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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.

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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.”

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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.

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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

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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.

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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)

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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)

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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!

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Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

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Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

Cryptocurrency laundering was an $82 billion problem last year, Bloomberg News reported Tuesday (Jan. 27), citing data from blockchain analysis firm Chainalysis.

Chinese-language money laundering networks made up $16.1 billion of that total as they play an increasing role in crypto crime, the report said.

“These are groups that are growing exponentially,” Andrew Fierman, head of national security intelligence at Chainalysis, told Bloomberg, per the report. “We’re talking about growth of over 7,300 times faster than other illicit flows.”

Although China has outlawed crypto transactions, illegal activity continues as the government chiefly focuses on behavior that threatens capital controls or financial stability, according to the report.

The networks “have really embraced cryptocurrencies,” said Kathryn Westmore, a senior associate fellow at the Centre for Finance and Security at RUSI, per the report, adding that crypto provides “a way to launder the proceeds of cash-generating criminal activities, like drugs or fraud.”

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The news followed a warning from the Financial Crimes Enforcement Network (FinCEN) in August, which said Chinese money laundering networks are now among the most significant threats to the American financial system, helping fuel the operations of Mexico’s most powerful drug cartels.

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“The networks have become effective partners because they can move cash quickly, absorb losses and leverage demand from Chinese nationals seeking to bypass Beijing’s strict currency controls,” PYMNTS reported Aug. 29. “By pairing cartel dollars with Chinese demand for U.S. currency, these networks have created what FinCEN called a ‘mutualistic relationship’ that strengthens both sides.”

Meanwhile, Eric Jardine, head of research at Chainalysis, discussed last year’s record-setting levels of crypto crime with PYMNTS in an interview published Monday (Jan. 26). Around $154 billion flowed to illicit addresses, the most ever recorded, and there was a 160% increase in illicit volumes.

“But treating that number as evidence of runaway criminal adoption may miss the more consequential story,” PYMNTS wrote. “What changed in 2025 was not merely volume, but the identity of the actors, the scale at which they operated, and the implications this has for banks, regulators, and the future architecture of financial blockchain compliance.”

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The true inflection came from “a shift in who’s doing what,” Jardine said, adding that in 2025, nation states, most notably Russia, began taking part “in earnest in the crypto ecosystem,” chiefly through sanctions evasion.

Unlike earlier state-linked activity, like North Korea’s hacking campaigns, this was not marginal behavior at the edges of the system, but “industrial-scale financial activity conducted in plain sight,” PYMNTS wrote.

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Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo

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Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo
Quantum risk is emerging as a decisive hurdle for bitcoin’s institutional future as sovereign investors weigh long-term resilience, pushing gold and BTC into sharper focus amid debt cycles, macro uncertainty, and geopolitical realignment, according to on-chain analyst Willy Woo.
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Strategy buys even more Bitcoin—$264 million of it—even as Bitcoin slumps to $87,000. | Fortune

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Strategy buys even more Bitcoin—4 million of it—even as Bitcoin slumps to ,000. | Fortune

Despite the current downturn for crypto, Strategy added even more Bitcoin to its collection. The company bought more than 2,900 Bitcoin last week, bringing its total to over 712,000, according to an X post by cofounder Michael Saylor. The move follows a more than $2 billion purchase earlier this month. 

Strategy is the first and biggest digital asset treasury, or a type of company that acquires and holds on to large amounts of crypto. Saylor’s company began investing in Bitcoin in 2020 and now holds more than 3% of the total supply. This business model has confronted major challenges in the past few months, as the largest cryptocurrency has plummeted since its all-time high in October. Bitcoin is worth about $87,000, down about 31% since then, according to Binance. 

One analyst views Saylor’s purchase as expected, considering the company’s business strategy, which is to continually amass Bitcoin on the theory it will appreciate in the long term, and to time purchases to coincide with market dips.

“It’s not surprising for me to see that they’re really aggressively continuing to purchase [Bitcoin]”, said Nathan Schmidt, an analyst at CFRA Research. “It is certainly the playbook for them these days.” 

Bitcoin’s fall from its all-time high of about $126,000 in October was caused in part by a flash crash in the fall, where crypto traders lost more than $19 billion in their positions. Misfortunes for digital assets have only continued this calendar year. The sector dipped as tensions mounted between the U.S. and Europe over Greenland. In addition, major regulatory legislation, referred to as the Clarity Act, has stalled as major figures in the crypto industry spar over its details. 

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The major cryptocurrency isn’t the only one to suffer losses, as altcoins are down as well. Ethereum is down 30% in the last three months to its current price of $2,899, and Solana is down more than 38% to its price of about $124, according to Binance.

Crypto’s dip has led to disastrous returns for digital asset treasuries like Strategy. Saylor’s company stock is down about 64% since July to its current price of about $160. 

Schmidt, the analyst from CFRA Research, argues that the biggest risk to Strategy is long-term declines in the value of Bitcoin. He says that the company could survive such a dip in the next few years because of its liquidity, but that over time the company would be in trouble. 

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
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