Nov 06, 2024
Welcome to The Hill's Technology newsletter {beacon} Technology Technology   The Big Story  Crypto wins big in election  The crypto industry is celebrating after it gained a powerful White House ally and lost a key critic in the Senate just two years after several scandals roiled the industry's status.  © AP Photo/Julia Demaree Nikhinson While the crypto industry walked a fine line as it made its pitch to both President-elect Trump and Vice President Harris, Trump’s victory delivers a big win as it gains prominence in Washington.    Trump’s campaign season embrace of crypto marked a shift for the former president, who once dismissed digital currencies as a “scam.”   He has since vowed to make the United States the “crypto capital of the planet” and put an end to what he calls the “unlawful and unAmerican crypto crackdown.”     “I think in every economy what matters most on crypto is the tone from the top, and now you have the president-elect, who has a very ambitious and optimistic position on crypto,” cryptocurrency exchange Coinbase chief policy officer Faryar Shirzad told The Hill.    Coinbase was at the forefront of the industry’s political engagement this election cycle, with the company loading $70.5 million into the Fairshake super PAC, which also received $1 million from CEO Brian Armstrong, according to Federal Election Commission data.   The Trump campaign repeatedly hammered at the Biden-Harris administration’s crypto-critical approach, notably including the leadership of Securities and Exchange Commission (SEC) Chair Gary Gensler, whom Trump pledged to fire if reelected.    “On the regulatory side, Trump’s win is huge,” said Owen Tedford, a senior research analyst at Beacon Policy Advisors. “At the SEC, no more Gensler. That is just a complete tone shift towards the industry.”    Read the full report at TheHill.com.   Welcome to The Hill’s Technology newsletter, we're Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  How policy will be impacting the tech sector now and in the future:   Supreme Court hears Facebook’s bid to block Cambridge Analytica shareholder suit The Supreme Court considered Wednesday a bid from Facebook to block a shareholder lawsuit over the Cambridge Analytica data scandal from moving forward.  Shareholders sued the social media company after the public became widely aware of the scandal in 2018, accusing Facebook of misleading investors in an earlier securities filing by failing to mention Cambridge Analytica’s misuse of user data.   While the tech …  Full Story   Here are the stocks rallying the most on Trump’s victory President-elect Trump’s successful reelection bid sparked an uptrend in stocks for crypto, tech and auto industries less than 24 hours after results were announced.  The Dow Jones Industrial Average was up more than 3 percent, while the Nasdaq Composite and S&P 500 also rose by nearly 2 percent at midday.  Crypto Cryptocurrency exchanges had measurable leaps as the price of dogecoin spiked 18 percent. Dogecoin …  Full Story   Mark Cuban congratulates Trump on projected win Investor Mark Cuban congratulated former President Trump early Wednesday morning, stating he won “fair and square” just moments after Decision Desk HQ projected the former president as the winner of the general election early Wednesday morning. “Congrats @realDonaldTrump You won fair and square. Congrats to @elonmusk as well. #Godspeed,” Cuban wrote on the social platform X. Decision Desk HQ projected …  Full Story   The Refresh  News we've flagged from the intersection of tech and other topics:   Apple first to face fine under Digital Markets Act The iPhone maker is set be the first company fined under the European Union's new Digital Markets Act over its App Store practices, Bloomberg reported.   NYT tech workers make 'Connections: Strike Edition' Striking tech workers at The New York Times created their own version of the newspaper's popular game Connections to help fans avoid crossing the picket line, The Verge reported.   What Others are Reading  Two key stories on The Hill right now: Election 2024 live updates: Harris delivers concession speech after loss to Trump Former President Trump has won the election in key swing states such as Georgia and Pennsylvania, and is projected to win the necessary 270 Electoral … Read more Democrats play blame game after devastating Harris loss Democrats spent the immediate aftermath of election night on Wednesday looking for answers.  In the early hours of what one called a “bloodbath,” … Read more   What Others are Reading  Opinions related to tech submitted to The Hill: The solution to automation fears: Employee ownership Deepfakes didn’t disrupt the election, but they’re changing our relationship with reality      You're all caught up. See you tomorrow! 
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