Senator Tim Scott lashes out at Dems for putting political gains over people's benefits - The Economic Times Video
After Senate Democrats voted against a procedural step to begin consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Senate Banking Committee Chairman Tim Scott (R-S.C.) spoke on the Senate floor and called out Democrats for playing politics with bipartisan legislation. The GENIUS Act, a bill to establish the first ever regulatory framework for payment stablecoins, was the result of months of bipartisan negotiations and extensive consultation with industry participants, academic experts, and government stakeholders. After considering dozens of amendments to the bill, Chairman Scott successfully advanced the legislation out of the Banking Committee in March with every Republican and five Democrats supporting it.
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Time of India
an hour ago
- Time of India
If Elon Musk and President Donald Trump divorce, who gets Silicon Valley?
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Last year, Elon Musk was the Pied Piper of support for Donald Trump among Silicon Valley power by one, tech billionaires close to Musk who had either backed Democrats or avoided the political scrum put their money and their time behind the former president's bid to reclaim the White House But the meltdown of the relationship between Trump and Musk on Thursday has thrown that cosiness into question. In the coming days, the billionaires who followed Musk to Washington may be forced to decide whose side they are on in this suddenly personal Silicon Valley, what appeared to be a once-in-a-lifetime opportunity to team up with decision-makers in Washington is looking precarious. Musk was the keystone of the tech industry's relationship with the Trump administration. Without him, it could be up to lesser-known figures, such as venture capitalist David Sacks , a close friend of Musk who has become the Trump administration's artificial intelligence and crypto czar, to maintain those ties."This is a tale as old as time," said Venky Ganesan, a partner at venture capital firm Menlo Ventures. "Like Icarus, Elon is finding out that if you fly too close to the sun, your wax melts and you crash."Even before Musk announced that he was leaving Washington, there were growing questions about what exactly the tech industry's embrace of the Trump White House was yearslong attempt by the Justice Department to break up Google? Still on track. The Federal Trade Commission's pursuit of Meta , Facebook's parent company? That just wrapped up in a Washington courtroom and is now in the hands of a federal judge. Tariffs on imported goods that could hurt device makers like Apple? Trump seems more determined than ever to see them through."Much better to be aligned with principles than personalities," Ganesan added. "A lesson tech titans might want to learn."Representatives for the White House and Sacks did not immediately respond to requests for comment. Musk did not return an email request seeking 2024, many of the tech industry's boldface names threw their support and hundreds of millions of dollars behind Trump, mainly because he promised to back away from regulating the cryptocurrency industry and keep the federal government's hands off artificial capitalist partners Marc Andreessen and Ben Horowitz surprised many when they announced they were supporting Trump, though Horowitz changed his mind when former Vice President Kamala Harris, a personal friend, entered the race. (He said, however, that their venture firm still endorsed Trump.) Many of their colleagues, such as the tech mogul hosts of the popular All-In Podcast, which includes Sacks, also endorsed them, Trump has kept up his end of the bargain. He has not only pushed for the deregulation of crypto markets, his family's company has jumped headfirst into them. And Trump's domestic policy bill that angered Musk even contains a provision that would block states from regulating tech industry leaders have not had as much luck. At Trump's inauguration, Apple's Tim Cook, Meta's Mark Zuckerberg, Amazon's Jeff Bezos, Google's Sundar Pichai and Musk formed a Mount Rushmore of tech bosses in the crowd behind the new president. Sergey Brin, a Google co-founder who once raced to the airport in San Francisco to protest the travel restrictions of Trump's first administration, was also there. So was OpenAI's Sam Altman, a fellow travel restriction protester. Jensen Huang, CEO Nvidia and relative newcomer to presidential circles, did not attend the inauguration but traveled to Trump's Mar-a-Lago resort in Florida to talk AI results have been mixed. For a while, Cook appeared to have talked Trump out of the tariffs on Chinese imports that would have badly hurt Apple. But Trump changed his mind and created a different set of tariffs that directly targeted Apple. Huang has been blocked from selling chips to China over national security concerns but was awarded a license to sell hundreds of thousands of chips in the Middle East in data centre deals that also brought Altman's company to the Secretary Howard Lutnick told a room of AI leaders, lobbyists and lawmakers this week that the administration would invite foreign investment into AI data centres, reversing Biden administration was speaking at an event hosted by Washington AI Network and sponsored by Meta, Amazon, OpenAI, Microsoft and TikTok, where he announced the administration would rename the U.S. Safety Institute to the centre for AI Standards and Innovation to emphasize growth of the industry over regulation."America must lead in AI, and that means embracing innovation while securing our infrastructure," Lutnick said. "The new centre for AI Standards and Innovation will help ensure developers have clear, trusted guidelines -- without unnecessary regulation -- so we can stay ahead in the global AI race."But if Musk's all-out hostility toward Trump continues, it is difficult to say how Trump will treat Musk's companies and Silicon Valley. Until this past year, Trump showed more interest in old industries like steel and cars and was critical of the tech industry's biggest companies -- as well as a few of the smaller ones. Many Trump supporters are still suspicious that Silicon Valley's peacemaking is just opportunism, and would be happy to see him become more rift with Trump could directly affect efforts in Washington to benefit his companies. At the Federal Communications Commission, SpaceX has intensely lobbied for more access to spectrum for its Starlink satellite wireless service. FCC Chair Brendan Carr has been a vocal supporter of Musk's satellite strategy and his business. At a SpaceX launch in November, Carr posted a photo of the launch with the words, "It's time to unleash America's space economy."Musk saw an opportunity after his Starlink satellite service was shut out of the $42.5 billion Broadband Equity Access and Deployment Program created during the Biden administration, which favored fiber internet service over satellite in hard-to-reach rural much of that is up in the air, and Trump has threatened to target the many government contracts held by Musk's companies."This has escalated very quickly, so this rupture absolutely could matter," said Blair Levin, of New Street Research and a former chief of staff to the FCC. Musk's satellite ambitions are tied up in policy debates in federal agencies, Levin said, and "politically it is very easy to tweak things in ways that are very unhelpful to Musk."In an update on the social platform X on Thursday afternoon, Musk posted a video of Trump standing next to a bright red Tesla, parked in front of the White House."Remember this? @realDonaldTrump" Musk wrote.
Hans India
an hour ago
- Hans India
TG govt amping up fight against AP's Banakacharla move: Uttam
Hyderabad: State Irrigation Minister N Uttam Kumar Reddy has said that the Telangana Government was intensifying its fight against Andhra Pradesh's proposed Godavari-Banakacharla Link Scheme and was determined to protect Telangana's water rights. The Minister said that he had written multiple letters to the Centre, exposing serious violations by Andhra Pradesh and demanding immediate intervention. Andhra Pradesh had failed to obtain technical clearances from the Central Water Commission (CWC) and from the Godavari River Management Board (GRMB), Krishna River Management Board (KRMB) and the Apex Council, as mandated under the Andhra Pradesh Reorganisation Act (APRA) 2014. No project on inter-state rivers can proceed without these approvals. Andhra Pradesh is brazenly bypassing all statutory mechanisms, he added. Andhra Pradesh misused Sections 46(2) and 46(3) of the APRA 2014 to seek funds from the Union Finance Ministry under the backward regions development clause, Uttam said in an information interaction with the media here on Friday. These sections cannot override Part IX of the Act, which deals with inter-state river water management, requiring technical clearance, inter-state consultations, and Apex Council approval before any project proceeds. Andhra Pradesh had neither shared any proposal with the Telangana government nor provided any DPR or plans for scrutiny by the relevant boards. He noted that despite Andhra Pradesh's multiple letters to the Union Finance Ministry and the Ministry of Jal Shakti seeking funds, no DPR had been sent, and the ministries had merely forwarded Andhra Pradesh's letters to technical bodies like the GRMB, KRMB, and the Polavaram Project Authority (PPA) for comments. This is not due process. It's an attempt to mislead the Centre and push the project without scrutiny. The previous BRS government failed to safeguard Telangana's interests. During the united Andhra Pradesh era, Telangana's rightful share was 724 tmcft, but the BRS government signed agreements that reduced Telangana's share to 299 tmcft while allocating 512 tmcft to Andhra Pradesh. This betrayal laid the groundwork for the current situation. 'They are acting like Goebbels Rao, repeating lies to cover up their betrayal. Even Goebbels himself would be shocked at the level of false propaganda they are spreading', he claimed.
New Indian Express
2 hours ago
- New Indian Express
Emu farm MD gets 10 years RI for Rs 7.61 crore fraud involving 385 investors
COIMBATORE: A special court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Friday sentenced the managing director of an emu farming company to 10 years of rigorous imprisonment for defrauding 385 investors to the tune of Rs 7.61 crore. The convict, MS Guru alias Gurusamy (46), was the managing director of Susi Emu Farms India Private Limited, headquartered at Perundurai in Erode district. He resided at Sakthi Nagar in Kunnathur, Perundurai. Special Judge M N Senthil Kumar handed down the sentence to Guru following a decade-long trial. In addition to the prison term, the court imposed a fine of Rs 7, 89,25,000 on the company and its director, of which Rs 7.89 crore is to be proportionately distributed among the duped investors, according to Special Public Prosecutor K Muthu Vijayan. The case dates back to 2012 when the Economic Offences Wing (EOW) in Salem district registered an FIR against the company and its MD. Investigations revealed that Gurusamy had launched the firm in 2010, operating out of Raja Street in Perundurai, and promoted fraudulent investment schemes under the guise of emu farming.
