The China Foe Storming State Capitols
One recent morning in Phoenix, Michael Lucci was at the Arizona State Capitol to support three bills to undercut China that he helped craft, including one that would require state pension funds to unload billions of dollars in investments in Chinese securities.
The 40-year-old political operative then strategized over a Mexican takeout lunch with a state legislator about getting a law passed that would strip Chinese technology from Arizona water systems and other critical infrastructure. In the afternoon, Lucci urged a Senate panel to advance another of his China bills a step closer to signature by the governor.
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The Hill
26 minutes ago
- The Hill
Democrats are drawing closer to the crypto industry despite Trump divisions
WASHINGTON (AP) — As President Donald Trump builds a crypto empire — including hosting a private dinner with top investors at his golf club — Democrats have united in condemning what they call blatant corruption from the White House. But the Democratic Party's own relationship with the emerging crypto industry is far less cut and dried. Work in the Republican-led Senate to legitimize cryptocurrency by adding guardrails has drawn backing from some Democrats, underscoring growing support for the industry in the party. But divisions have opened over the bill, with many demanding it prevent the Republican president and his family from directly profiting from cryptocurrency. 'I'm all on board with the idea of regulating crypto,' said Sen. Chris Murphy, D-Conn. 'But at this moment, when cryptocurrency is being so clearly used by Donald Trump to facilitate his corruption, I don't think you can close your eyes to that when you're legislating.' The legislation is moving ahead more rapidly than Congress usually acts when an industry is new. But the big money and campaign donations flowing from cryptocurrency firms have made them a new powerhouse on the political scene, one that's increasingly gaining allies and capturing the attention of lawmakers. A look at what to know about the industry's clout and the political fight over what's known as the GENIUS Act: To understand the growing clout of the crypto industry, look no further than the 2024 election. Fairshake, a crypto super political action committee, and its affiliated PACs spent more than $130 million in congressional races. Fairshake spent roughly $40 million supporting Republican Bernie Moreno in Ohio in an effort to defeat Democratic Sen. Sherrod Brown. Brown, who lost to Moreno by more than 3 percentage points, was seen as a chief critic of the industry as the chairman of the Senate Banking Committee. 'DC received a clear message that being anti-crypto is a good way to end your career, as it doesn't represent the will of the voters,' Brian Armstrong, the CEO of Coinbase, wrote in a social media post the day after the 2024 election. Coinbase — the largest crypto exchange in the U.S. and biggest contributor to Fairshake — does not view support for its industry as partisan, according to Kara Calvert, the company's vice president of U.S. policy. The industry also spent heavily to support Democrats Ruben Gallego and Elissa Slotkin in their races for open Senate seats in battleground states. Fairshake spent $10 million in support of Slotkin during her successful Senate run against Republican Mike Rodgers, and Slotkin, who won the Michigan race by fewer than 20,000 votes, spoke in favor of crypto on the campaign trail. Slotkin declined to be interviewed. Similar dynamics are setting up ahead of 2026 in contested House and Senate races. Fairshake said in January that it already had $116 million in cash on hand aimed at the 2026 midterm elections. 'We're not slowing down, and everything remains on the table,' Josh Vlasto, a spokesperson for Fairshake, told The Associated Press. Hours before a May 19 vote to move forward on cryptocurrency legislation in the Senate, an advocacy group tied to Coinbase sent an email to the offices of U.S. senators warning that the vote would count toward their crypto-friendliness scores. 'What the spending does is put crypto on the map. It lets members know that this is not a phase, this is real industry, with real dollars, that is developing its hold in Washington,' said Calvert. A significant number of Democrats, 16, joined Republicans in advancing the crypto legislation. The GENIUS Act would create a new regulatory structure for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. It is viewed as a step toward consumer protections and greater legitimacy for the industry. The sticking point for many Democrats is that while the bill prohibits members of Congress and their families from profiting off stablecoins, it excludes the president from those restrictions. Trump, once a skeptic of the industry, has vowed in his second term to make the U.S. the global capital of crypto. Meanwhile, he and his family have moved aggressively into nearly every corner of the industry: mining operations, billion-dollar bitcoin purchases, a newly minted stablecoin and a Trump-branded meme coin. Days after Trump's interests in the industry became public in early May, Senate Minority Leader Chuck Schumer of New York urged the Democratic caucus to unite and vote against the package to have a stronger hand in negotiations, according to a person familiar with the matter who insisted on anonymity to discuss private discussions. On May 8, a bloc of Senate Democrats who had previously backed the GENIUS Act reversed course — ultimately voting to block the bill from advancing. Negotiations between Senate Democrats and Republicans followed. The White House was also involved, and in contact with senators' offices on both sides of the aisle, according to a senior official granted anonymity to discuss private conversations. The new version of the bill is now expected to pass the 100-member Senate this month. Amendments are still possible. Sen. Jeff Merkley, D-Ore. has filed an amendment — cosponsored by Schumer — that would bar the president and his family from profiting off stablecoins, though it's unlikely to pass. 'There is room for improvements as there often is with a lot of legislation. But with this in particular, we've got issues with the president,' said Democratic Sen. Mark Kelly of Arizona 'Having said that, this was negotiated with Democrats and Republicans. We got to a place. We voted on it. I expect this is the version we're going to pass.' Still, the legislation is stirring unease. Schumer, asked if he's urging members to vote against the bill, noted that he has opposed the legislation and said 'there's division in our caucus on that issue.' 'There's a gaping hole in this bill that everybody sees,' Murphy said. 'After it's passed, it will be illegal for me to issue a cryptocurrency, but it's legal for the president of the United States.' 'If this bill passes, we kind of go from a dirt road to a paved road,' he said. If the Senate approves the stablecoin legislation, the bill will still need to clear the House before reaching the president's desk. Crypto advocates say the next priority is pushing Congress for market structure legislation, a far more sweeping effort than simply regulating stablecoins. 'Stablecoin is one step of the path. Then you need market structure. We're hopeful that the Senate works together to pass something quickly,' Calvert said. Some Democrats view the legislation as a chance to impose basic guardrails on a rapidly growing industry that's particularly popular among men and younger voters, two groups that drifted from the party in 2024. ___ Associated Press writers Alan Suderman, Lisa Mascaro, Matt Brown and Mary Clare Jalonick contributed to this report.
Newsweek
27 minutes ago
- Newsweek
Mexico President Claudia Sheinbaum Reacts to LA Protests
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Mexico's President Claudia Sheinbaum has reacted following mass protests in Los Angeles over President Donald Trump's immigration agenda. Sheinbaum said Monday, in part, "We do not agree with violent actions as a form of protest. Burning police cars appears to be more an act of provocation than of resistance. We condemn violence, no matter where it comes from. We call on the Mexican community to act pacifically and not allow itself to be provoked." This is a breaking news story. Updates to follow.
Yahoo
30 minutes ago
- Yahoo
Stock market today: S&P 500, Dow, Nasdaq mixed as US and China reboot trade talks
US stocks were mixed on Monday as investors looked to renewed US-China trade talks for signs either side is willing to dial down tensions and reach a tariff deal. The S&P 500 (^GSPC) rose 0.1% after the benchmark edged above 6,000 to notch its highest close since February. The Dow Jones Industrial Average (^DJI) fell 0.4% while the tech-heavy Nasdaq Composite (^IXIC) drifted up 0.4%. The focus is on high-level US-China trade talks that began in London on Monday, after a phone call between President Trump and Chinese President Xi last week. Read more: The latest on Trump's tariffs The stakes are high amid warnings that tariff barriers will harm economies worldwide — the US in particular. Investors are looking for a revival of the momentum shown in the Geneva pact in mid-May. Relations have soured since then, with the US and China accusing each other of not keeping to the trade truce and ratcheting up pressures in other areas. For now, markets appear to have shaken off the volatility that has plagued markets following Trump's early-April tariff hikes. Stocks ended last week on a high note, as encouraging jobs data helped ease fears of a recession fueled by his policy overhaul. The economic highlight this week is May US consumer inflation print due on Friday, with the wholesale inflation report ushering it in on Thursday. On the corporate front, Apple (AAPL) kicks off its big annual WWDC developers conference on Monday. Wall Street is watching for more insight into the company's AI plans, though not on the lines of last year's splashy announcements. Meanwhile, investors are keeping a wary eye on escalating tensions in Los Angeles after Trump sent in the National Guard to deal with anti-deportation protests. Tesla (TSLA) recovered from a 4% drop on Monday, following two analyst downgrades following CEO Elon Musk's public feud with President Trump. Baird has downgraded the stock from Outperform to Neutral, citing excessive optimism surrounding the company's Robotaxi rollout, fading EV tax credits, and the public clash between Musk and Trump which sent the stock reeling last week. Argus Research also lowered its recommendation to Hold, pointing out the political fallout from Musk's war of words with Trump. The company is reportedly planning to launch its latest robotaxi on Thursday, June 12 Circle's stock (CRCL) surged for a third day in a row on Monday following its blockbuster IPO last week. Shares of the stablecoin issuer gained more than 15% to trade near $122 per share, raising the company's market cap to roughly $24 billion. The move follows gains on Thursday and Friday, when the stock rose as much as 200% shortly after its long-anticipated public market debut. Stocks edged higher on Monday amid hopes that US-China trade talks will ease tariff tensions and eventually lead to a permanent deal between the two leading economies. The S&P 500 (GSPC) rose to just above the flat line, after the broad benchmark closed on Friday at its highest level since February. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) edged 0.2% higher. High-level trade talks between Beijing and Washington began in London on Monday. This follows a phone call between President Trump and Chinese leader Xi Jinping last week. Apple's annual Worldwide Developers Conference (WWDC) kicks off in Cupertino, Calif., today. While investors may get another taste of artificial intelligence features, including AI-powered Siri, Apple isn't expected to deliver any big announcements. The company will likely showcase new features and designs for iOS, iPadOS, macOS, and watchOS. There's always a chance it will debut a new piece of hardware too. Apple (AAPL) stock rose 0.5% in premarket trading ahead of the event. Read our tech editor's preview of everything to expect from Apple WWDC 2025. Robinhood (HOOD) stock slipped 4% after it didn't make it into the benchmark S&P 500 index as some speculated it might. S&P Dow Jones Indices did not make any changes to S&P 500 membership as part of its quarterly rebalancing. Reuters reports: Read more here. Shares of Warner Bros. Discovery (WBD) rose more than 6% in premarket trading on Monday after the media company said it would split into two companies. Warner Bros. will separate its studios and streaming business, which includes HBO Max, and its cable television networks, including CNN. The split is expected to be completed by mid-2026. Reuters reports: Read more here. Economic data: New York Fed one-year inflation expectations (May); Wholesale trade sales month-over-month (April) Earnings: Casey's (CASY) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on AI as Apple takes the stage for WWDC A quieter summer is coming for stocks: Wall Street experts Hopes for US-China thaw as trade talks resume Senate GOP to lay out major revisions to Trump's tax bill Resilient economy to limit summer pullback in stocks: MS, Goldman Meta is set to throw billions at startup that leads in AI data China exports to US fall by most since 2020 despite tariff truce Here are some top stocks trending on Yahoo Finance in premarket trading: Robinhood (HOOD) stock fell 5% before the bell on Monday after the S&P Dow Jones Indices made no changes to the S&P 500 in its quarterly rebalancing. Tesla (TSLA) stock also dropped on Monday in premarket trading after CEO Elon Musk criticized President Trump's tax bill. Strategy (MSTR) stock rose on Monday by 2%. A SEC filing revealed the company had purchased 705 bitcoin during the period of May 26 to June 1 at an aggregate purchase price of $75.1M. Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley (MS) and Goldman Sachs Group (GS) the latest to suggest resilient economic growth would limit any pullback over the summer. Bloomberg reports: Read more here. Tesla (TSLA) recovered from a 4% drop on Monday, following two analyst downgrades following CEO Elon Musk's public feud with President Trump. Baird has downgraded the stock from Outperform to Neutral, citing excessive optimism surrounding the company's Robotaxi rollout, fading EV tax credits, and the public clash between Musk and Trump which sent the stock reeling last week. Argus Research also lowered its recommendation to Hold, pointing out the political fallout from Musk's war of words with Trump. The company is reportedly planning to launch its latest robotaxi on Thursday, June 12 Circle's stock (CRCL) surged for a third day in a row on Monday following its blockbuster IPO last week. Shares of the stablecoin issuer gained more than 15% to trade near $122 per share, raising the company's market cap to roughly $24 billion. The move follows gains on Thursday and Friday, when the stock rose as much as 200% shortly after its long-anticipated public market debut. Stocks edged higher on Monday amid hopes that US-China trade talks will ease tariff tensions and eventually lead to a permanent deal between the two leading economies. The S&P 500 (GSPC) rose to just above the flat line, after the broad benchmark closed on Friday at its highest level since February. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) edged 0.2% higher. High-level trade talks between Beijing and Washington began in London on Monday. This follows a phone call between President Trump and Chinese leader Xi Jinping last week. Apple's annual Worldwide Developers Conference (WWDC) kicks off in Cupertino, Calif., today. While investors may get another taste of artificial intelligence features, including AI-powered Siri, Apple isn't expected to deliver any big announcements. The company will likely showcase new features and designs for iOS, iPadOS, macOS, and watchOS. There's always a chance it will debut a new piece of hardware too. Apple (AAPL) stock rose 0.5% in premarket trading ahead of the event. Read our tech editor's preview of everything to expect from Apple WWDC 2025. Robinhood (HOOD) stock slipped 4% after it didn't make it into the benchmark S&P 500 index as some speculated it might. S&P Dow Jones Indices did not make any changes to S&P 500 membership as part of its quarterly rebalancing. Reuters reports: Read more here. Shares of Warner Bros. Discovery (WBD) rose more than 6% in premarket trading on Monday after the media company said it would split into two companies. Warner Bros. will separate its studios and streaming business, which includes HBO Max, and its cable television networks, including CNN. The split is expected to be completed by mid-2026. Reuters reports: Read more here. Economic data: New York Fed one-year inflation expectations (May); Wholesale trade sales month-over-month (April) Earnings: Casey's (CASY) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on AI as Apple takes the stage for WWDC A quieter summer is coming for stocks: Wall Street experts Hopes for US-China thaw as trade talks resume Senate GOP to lay out major revisions to Trump's tax bill Resilient economy to limit summer pullback in stocks: MS, Goldman Meta is set to throw billions at startup that leads in AI data China exports to US fall by most since 2020 despite tariff truce Here are some top stocks trending on Yahoo Finance in premarket trading: Robinhood (HOOD) stock fell 5% before the bell on Monday after the S&P Dow Jones Indices made no changes to the S&P 500 in its quarterly rebalancing. Tesla (TSLA) stock also dropped on Monday in premarket trading after CEO Elon Musk criticized President Trump's tax bill. Strategy (MSTR) stock rose on Monday by 2%. A SEC filing revealed the company had purchased 705 bitcoin during the period of May 26 to June 1 at an aggregate purchase price of $75.1M. Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley (MS) and Goldman Sachs Group (GS) the latest to suggest resilient economic growth would limit any pullback over the summer. Bloomberg reports: Read more here.
