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In his first address to Congress since returning to office, Trump defended his economic policies, including new tariffs, and emphasized his commitment to "make America rich again." He faced hecklers and criticized Democrats for their lack of decorum, while also expressing a desire for the U.S. to welcome Greenland. The speech, lasting nearly 100 minutes, focused on domestic issues, culture wars, and his administration's efforts to eliminate diversity programs.
Democrats, led by Senator Elissa Slotkin, criticized President Trump's address to Congress, focusing on kitchen-table issues and targeting his alliance with Elon Musk. Slotkin condemned Trump's proposed tax cuts as a giveaway to billionaires and expressed concern over Musk's influence on government efficiency, questioning the safety of personal data handling by his team. She acknowledged the need for government reform but emphasized that it should be done responsibly, not chaotically.
Donald Trump, newly inaugurated, faces scrutiny for a gaffe regarding BRICS nations, mistakenly suggesting Spain is a member. Meanwhile, Elon Musk is set to have significant influence in the administration, potentially controlling a non-department aimed at reducing government size. Trump also plans to pardon individuals convicted for their roles in the January 6 Capitol riot, including leaders of extremist groups, raising concerns about the implications for justice and accountability.
Members of the US Congress, supported by cryptocurrency PACs, will be sworn in for the 119th session on January 3. Significant funding from groups like Fairshake influenced elections, with 10 new senators and 63 house members benefiting, potentially shaping future crypto legislation. With $103 million earmarked for the 2026 election cycle, the crypto industry aims to maintain its political influence.
In 2024, crypto lobbying efforts led by Coinbase, Ripple, and Andreessen Horowitz transformed American politics, amassing nearly $300 million through a super PAC called Fairshake. This unprecedented spending aimed to counteract negative perceptions following the FTX collapse and reshape the political landscape, demonstrating the industry's newfound influence. By mid-2024, the crypto voter emerged as a significant force, altering the dynamics of support across party lines.
Judges have consistently ruled that cryptocurrencies like XRP are securities, a stance Ripple CEO Brad Garlinghouse disputes, arguing for clearer regulations tailored to digital assets. The bipartisan FIT21 bill aims to shift some regulatory authority from the SEC to the CFTC, addressing gaps in oversight while ensuring consumer protections. Despite skepticism from major financial figures, Garlinghouse emphasizes the need for a supportive regulatory environment to foster innovation in the U.S. crypto market.
Incoming Ohio Senator Bernie Moreno, a Republican and former luxury car dealer, criticized the $7,500 EV tax credit as "catastrophically stupid," advocating for a market-driven approach to vehicle choice. He argued that the government should not dictate corporate strategies and emphasized that consumer preferences should guide the automotive industry. As automakers scale back EV plans amid declining demand, Moreno called for a regulatory environment that allows the marketplace to thrive without government intervention.
Elissa Slotkin
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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