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Trump vows to sack SEC boss and end ‘persecution’ of crypto industry

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Trump vows to sack SEC boss and end ‘persecution’ of crypto industry

Donald Trump said he would end the “persecution” of the crypto industry, sack the chair of the Securities and Exchange Commission, and free a convict the community views as a martyr.

In a direct pitch to cryptocurrency devotees at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday, the Republican candidate promised to end the Biden administration’s “crusade” against bitcoin.

“I pledge to the bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” said Trump.

“On day one, I will fire Gary Gensler,” Trump said to a massive roar from the roughly 5,000 people seated in the audience.

Crypto’s embrace of Trump comes against the backdrop of a difficult few years for the industry, which has faced an aggressive clampdown from the SEC. Crypto is “a field that has been rife with fraud and manipulation”, Gensler said earlier this year.

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The SEC has pursued numerous crypto companies and executives, helping put FTX founder Sam Bankman-Fried and Binance founder Changpeng Zhao behind bars, and launched lawsuits against exchanges Coinbase, Kraken and Gemini, payments provider Ripple Labs and blockchain software company Consensys.

Trump on Saturday promised to end the “repression”, saying rules should be “written by people who love your industry, not by people who hate your industry”.

He also said he would instruct the Department of Treasury to abandon the creation of a central bank digital currency, and appoint a bitcoin and crypto advisory council.

The pitch was a dramatic reversal for Trump, who has previously claimed the value of cryptocurrencies was “based on thin air”, calling it “potentially a disaster waiting to happen.” He has described bitcoin as “a scam”.

But now both presidential candidates are courting the vote of ‘crypto bros’. Members of Kamala Harris’ campaign have met with people close to crypto companies in recent days in a bid to “reset” a relationship which soured during the Biden administration.

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Trump, meanwhile, is the first major party candidate to accept donations in cryptocurrencies — and claimed on Saturday his campaign had raised $25mn in crypto donations. His running mate, JD Vance, at one point owned up to $250,000 in bitcoin in a Coinbase account, according to his 2022 financial disclosure form.

The support for Trump was obvious all over the conference centre. Trumpers in branded gear sporting “Make Money Great Again” slogans mixed with attendees in Satoshi T-shirts, orange cowboy hats, dresses and high heels. Trump spoke on “Nakamoto” stage,” in reference to Satoshi, the pseudonymous developer of bitcoin.

Some attendees wore T-shirts calling to free Ross Ulbricht, who was given a life sentence in 2015 for creating the online black market Silk Road, by voting for Trump. The GOP presidential nominee’s promise to commute his sentence caused the second biggest cheer of the speech, after the call to fire Gensler.

“They slander you as criminals but that happened to me, too, because I said the election was rigged,” said Trump.

Earlier at the conference, Cantor Fitzgerald CEO Howard Lutnick, who has given pro-Trump Pacs over $1.4mn this election cycle and will host a fundraiser for the ex-president next month, announced an initial $2bn lending program financing bitcoin. He added that his firm owns a “shitload of bitcoin”.

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Some attendees said that Trump’s presence alone could flip their vote, hoping that they will have for the first time an ally in the White House.

Investor and attendee Nick Smith said he did not vote for Trump in 2020 but would choose him today over Harris.

“I think they like his F-U attitude towards the establishment,” said Smith of Trump fans.

The price of bitcoin has jumped 10 per cent to over $68,000 since Trump survived an assassination attempt on July 13. “I’m plugging for bitcoin to go over 70 — and even higher when the president speaks,” said David McIntosh, President of the Club for Growth, who is a Trump ally.

“Trump is a businessman and an entrepreneur — and he sees the opportunity that bitcoin affords the US and himself,” conference chief of staff Brandon Green said. “Over the past four years, you’ve seen a very hostile [Biden-Harris] administration towards the industry.”

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“Bitcoin is on the ballot,” Green later said on stage.

At the conference on Friday, independent presidential candidate Robert F. Kennedy Jr promised to direct the US Treasury to buy 4mn bitcoins, make transactions between the digital currency and the dollar “unreportable” and “nontaxable.”

Among the guest speakers was Edward Snowden, the former National Security Agency contractor who leaked a tremendous amount of information about US government surveillance. He told the crowd: “Cast a vote, but don’t join a cult.”

North Carolina Democratic lawmaker Wiley Nickel called for Harris to lead a party “reset” on crypto. Nickel, Ro Khanna and other Democrats in Congress sent a letter to the Democratic National Committee on Saturday calling for the next administration to “select a pro-innovation SEC chair”. He got a smattering of applause — but then was shouted down when he read on stage past Trump tweets critical of cryptocurrencies.

“I want to say this as politely and respectfully as I can. Donald Trump was president for four years. He did nothing on this issue,” said Nickel. “Right now, I can tell you: He is totally full of shit.”

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Additional reporting by Nikou Asgari

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Louisiana Sen. Bill Cassidy loses in Republican primary, does not advance to runoff

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Louisiana Sen. Bill Cassidy loses in Republican primary, does not advance to runoff

One observer of the current Senate race in Louisiana noted that Sen. Bill Cassidy could lose his reelection bid.

Annie Flanagan for NPR


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Annie Flanagan for NPR

Sen. Bill Cassidy lost Saturday’s Louisiana Republican primary according to a race call by the Associated Press.

Cassidy, who served two terms in the Senate, was one of seven Republican senators who voted to convict President Trump after the January 6th insurrection at the Capitol. That vote put him at odds with Trump and his MAGA coalition, ultimately leading Trump to push Rep. Julia Letlow to run against Cassidy.

Cassidy’s bid for a third term was viewed as a test of Trump’s grip on the party–and of what voters want from their representatives in Washington. The primary pitted Cassidy, a veteran lawmaker, former physician and chair of the powerful Senate health committee, against Letlow, a political newcomer and a millennial MAGA loyalist.

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A detailed view of a hat that reads, Run Julia Run, is seen at a campaign event for Rep. Julia Letlow (R-LA) on May 6, 2026 in Franklinton, Louisiana.

A detailed view of a hat that reads, Run Julia Run, is seen at a campaign event for Rep. Julia Letlow (R-LA) on May 6, 2026 in Franklinton, Louisiana.

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A former college administrator, Letlow won a special election in 2021 for the House seat her late husband, Luke, was set to assume before he died from COVID in 2020.

In Congress, Letlow sponsored a bill to collect oral histories from the pandemic and has focused on education and children. She introduced the “Parents Bill of Rights Act,” which would allow parents to review classroom materials like library books and require schools to notify parents if their child requests different pronouns, locker rooms or sports teams.

She also serves on the powerful appropriations committee and has embraced Trump’s agenda.

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Letlow, who came first in Saturday’s primary, will face Louisiana state Treasurer John Fleming in the runoff on June 27. Cassidy came in third.

The election result is a victory for President Trump who has put Republican loyalty to the test on the ballot so far this year in Indiana state senate primaries and in Cassidy’s race.

Another major test of Trump’s influence comes in Kentucky’s primary on Tuesday when Republican Rep. Thomas Massie, who has found himself at odds with the president, faces a challenger endorsed by Trump.

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

WASHINGTON (AP) — President Donald Trump returned from the spectacle of a Chinese state visit to a less than welcoming U.S. economy — with the military band and garden tour in Beijing giving way to pressure over how to fix America’s escalating inflation rate.

Consumer inflation in the United States increased to 3.8% annually in April, higher than what he inherited as the Iran war and the Republican president’s own tariffs have pushed up prices. Inflation is now outpacing wage gains and effectively making workers poorer. The Cleveland Federal Reserve estimates that annual inflation could reach 4.2% in May as the war has kept oil and gasoline prices high.

Trump’s time with Chinese leader Xi Jinping appears unlikely to help the U.S. economy much, despite Trump’s claims of coming trade deals. The trip occurred as many people are voting in primaries leading into the November general election while having to absorb the rising costs of gasoline, groceries, utility bills, jewelry, women’s clothing, airplane tickets and delivery services. Democrats see the moment as a political opportunity.

“He’s returning to a dumpster fire,” said Lindsay Owens, executive director of Groundwork Collaborative, a liberal think tank focused on economic issues. “The president will not have the faith and confidence of the American people — the economy is their top issue and the president is saying, ‘You’re on your own.’”

The president’s trip to Beijing and his recent comments that indicated a tone-deafness to voters’ concerns about rising prices have suggested his focus is not on the American public and have undermined Republicans who had intended to campaign on last year’s tax cuts as helping families.

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Trump described the trip as a victory, saying on social media that Xi “congratulated me on so many tremendous successes,” as the U.S. president has praised their relationship.

Trump told reporters that Boeing would be selling 200 aircraft — and maybe even 750 “if they do a good job” — to the Chinese. He said American farmers would be “very happy” because China would be “buying billions of dollars of soybeans.”

“We had an amazing time,” Trump said as he flew home on Air Force One, and told Fox News’ Bret Baier in an interview that gasoline prices were just some “short-term pain” and would “drop like a rock” once the war ends.

Inflationary pain is not a factor in how Trump handles Iran

Trump departed from the White House for China by saying the negotiations over the Iran war depended on stopping Tehran from developing nuclear weapons. “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon,” Trump said.

That remark prompted blowback because it suggested to some that Trump cared more about challenging Iran than fighting inflation at home. Trump defended his words, telling Fox News: “That’s a perfect statement. I’d make it again.”

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The White House has since stressed that Trump is focused on inflation.

Asked later about the president’s words, Vice President JD Vance said there had been a “misrepresentation” of the remarks. White House spokesman Kush Desai said the “administration remains laser-focused on delivering growth and affordability on the homefront” while indicating actions would be taken on grocery prices.

But as Trump appeared alongside Xi, new reports back home showed inflation rising for businesses and interest rates climbing on U.S. government debt.

His comments that Boeing would sell 200 jets to China caused the company’s stock price to fall because investors had expected a larger number. There was little concrete information offered about any trade agreements reached during the summit, including Chinese purchases of U.S. exports such as liquefied natural gas and beef.

“Foreign policy wins can matter politically, but only if voters feel stability and affordability in their daily lives,” said Brittany Martinez, a former Republican congressional aide who is the executive director of Principles First, a center-right advocacy group focused on democracy issues.

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“Midterms are almost always a referendum on cost of living and public frustration, and Republicans are not immune from the same inflation and affordability pressures that hurt Democrats in recent cycles,” she added.

Democrats see Trump as vulnerable

Democratic lawmakers are seizing on Trump’s comments before his trip as proof of his indifference to lowering costs. There is potential staying power of his remarks as Americans head into Memorial Day weekend facing rising prices for the hamburgers and hot dogs to be grilled.

“What Americans do not see is any sympathy, any support, or any plan from Trump and congressional Republicans to lower costs – in fact, they see the opposite,” Senate Democratic leader Chuck Schumer of New York said Thursday.

Vance faulted the Biden administration for the inflation problem even though the inflation rate is now higher than it was when Trump returned to the White House in January 2025 with a specific mandate to fix it.

“The inflation number last month was not great,” Vance said Wednesday, but he then stressed, “We’re not seeing anything like what we saw under the Biden administration.”

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Inflation peaked at 9.1% in June 2022 under Biden, a Democrat. By the time Trump took the oath of office, it was a far more modest 3%.

Trump’s inflation challenge could get harder

The data tells a different story as higher inflation is spreading into the cost of servicing the national debt.

Over the past week, the interest rate charged on 10-year U.S. government debt jumped from 4.36% to 4.6%, an increase that implies higher costs for auto loans and mortgages.

“My fear is that the layers of supply shocks that are affecting the U.S. economy will only further feed into inflationary pressures,” said Gregory Daco, chief economist at EY-Parthenon.

Daco noted that last year’s tariff increases were now translating into higher clothing prices. With the Supreme Court ruling against Trump’s ability to impose tariffs by declaring an economic emergency, his administration is preparing a new set of import taxes for this summer.

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Daco stressed that there have been a series of supply shocks. First, tariffs cut into the supply of imports. In addition, Trump’s immigration crackdown cut into the supply of foreign-born workers. Now, the effective closure of the Strait of Hormuz has cut off the vital waterway used to ship 20% of global oil supplies.

“We’re seeing an erosion of growth,” Daco said.

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Top Drug Regulator Is Fired From the F.D.A.

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Top Drug Regulator Is Fired From the F.D.A.

Dr. Tracy Beth Hoeg, the Food and Drug Administration’s top drug regulator, said she was fired from the agency Friday after she declined to resign.

She said she did not know who had ordered her firing or why, nor whether Health Secretary Robert F. Kennedy Jr. knew of her fate. The Department of Health and Human Services did not immediately respond to a request for comment.

The departure reflected the upheaval at the F.D.A., days after the resignation of Dr. Marty Makary, the agency commissioner. Dr. Makary had become a lightning rod for critics of the agency’s decisions to reject applications for rare disease drugs and to delay a report meant to supply damaging evidence about the abortion drug mifepristone. He also spent months before his departure pushing back on the White House’s requests for him to approve more flavored vapes, the reason he ultimately cited for leaving.

Dr. Hoeg’s hiring had startled public health leaders who were familiar with her track record as a vaccine skeptic, and she played a leading role in some of the agency’s most divisive efforts during her tenure. She worked on a report that purportedly linked the deaths of children and young adults to Covid vaccines, a dossier the agency has not released publicly. She was also the co-author of a document describing Mr. Kennedy’s decision to pare the recommendations for 17 childhood vaccines down to 11.

But in an interview on Friday, Dr. Hoeg said she “stuck with the science.”

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“I am incredibly proud of the work we were doing,” Dr. Hoeg said, adding, “I’m glad that we didn’t give in to any pressures to approve drugs when it wasn’t appropriate.”

As the director of the agency’s Center for Drug Evaluation and Research, she was a political appointee in a role that had been previously occupied by career officials. An epidemiologist who was trained in the United States and Denmark, she worked on efforts to analyze drug safety and on a panel to discuss the use of serotonin reuptake inhibitors, the most widely prescribed class of antidepressants, during pregnancy. She also worked on efforts to reduce animal testing and was the agency’s liaison to an influential vaccine committee.

She made sure that her teams approved drugs only when the risk-benefit balance was favorable, she said.

The firing worsens the leadership vacuum at the F.D.A. and other agencies, with temporary leaders filling the role of commissioner, food chief and the head of the biologics center, which oversees vaccines and gene therapies. The roles of surgeon general and director of the Centers for Disease Control and Prevention are also unfilled.

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