Connect with us

Published

on

When Governor Josh Shapiro of Pennsylvania announced in September that the nations largest swing state would implement automatic voter registration, Donald Trump threw a conniption. Pennsylvania is at it again! the former president posted on Truth Social, his social-media platform. The switch, Trump said, would be a disaster for the Election of Republicans, including your favorite President, ME!

Trumps panic is consistent with his (baseless) view that any reforms designed to increase voter turnout, such as expanding mail balloting and early voting, are part of a Democratic conspiracy to rig elections in their favor. But he may be wrong to fear automatic voter registration: Although Shapiro is a Democrat, if either party stands to gain from his move, its likely to be the GOP. In Pennsylvania, the reform really has a potential to lean more Republican, Seo-young Silvia Kim, an elections expert who has studied the system, told me. Its not great news for Democrats.

First implemented in Oregon in 2016, automatic voter registration is now used in 23 states, including threeAlaska, Georgia, and West Virginiathat are governed by Republicans. Rather than requiring citizens to proactively register to vote, some states that use the system automatically enroll people who meet eligibility requirements and then give them the option to decline or opt out. The shift is subtler in Pennsylvania; the state has simply started prompting people to register to vote when they obtain a new or renewed drivers license or state ID.

David A. Graham: Actually good news about voting, for a change

The seemingly minor change, which voting-rights advocates still place under the umbrella of automatic registration, is based on behavioral research showing that people are less likely to opt out of a choice than to opt in. By including voter registration as part of a commonly used process such as obtaining a drivers licenseand by presenting it as the default option rather than a form that citizens have to requeststates have found that they can increase both registration and turnout in elections. Even though the process isnt that big of a shift, the effects are great, Greta Bedekovics, the associate director of democracy policy at the left-leaning Center for American Progress, told me.

Democrats have led the move toward automatic voter registration, and their 2021 comprehensive voting-rights legislation known as the For the People Act included a requirement that state-elections chiefs implement the policy. (The bill died in the Senate.) But automatic registration does not inherently favor one party or the other, and it has appealed to Republicans in some states because it helps officials clean up voter rolls and safeguard elections. I dont know who it will help, and thats kind of the point, Sean Morales-Doyle, the director of the voting-rights program at NYUs Brennan Center for Justice, told me.

A 2017 study by the Center for American Progress found that the voters who enrolled through Oregons automatic-registration system were more likely to be younger, more rural, lower income, and more ethnically diverse than the electorate as a wholea demographic mix that suggests that Republicans might have benefited as much as Democrats.

Other research shows a more partisan advantage. While an assistant professor at American University in 2018, Kim, the elections expert, studied the effects of automatic registration in Orange County, California, the site of several hard-fought congressional races that year. She found that among residents who needed to update their registration because they had moved within the county, automatic registration resulted in no meaningful shift for Democrats. But it substantially boosted turnout among Republicans and independentsby 8.1 points and 7.4 points, respectively. I was actually very surprised, Kim said, adding that shed expected that if any party gained, it would be Democrats. She suspects that Democrats may have been unaffected by the change because in 2018, they were already motivated to vote by Trumps recent election.

The impact of automatic registration on any one election is likely to be marginal, but even small shifts could be significant in a state such as Pennsylvania, where less than one percentage point separated Trump from Hillary Clinton in 2016 and just more than one point separated Joe Biden from Trump four years later. Several factors suggest that the new system could benefit the GOP in Pennsylvania. Although Democrats have more registered voters in the state, Republicans have been closing the gap during the Trump era as more white working-class and rural voters who stopped voting for Democrats years ago have chosen to join the GOP. Democrats have countered that drift by capturing wealthier suburban voters, a group that helped Shapiro and first-term Democratic Senator John Fetterman win their races during last years midterm elections. Because this demographic already goes to the polls pretty reliably, though, automatic registration is more likely to boost turnout among the right-leaning rural working class.

An early-2020 study also suggested that the GOP stood to gain from higher voter turnout in Pennsylvania. The Knight Foundation surveyed 12,000 chronic non-voters nationwide before Democrats had settled on Biden as their nominee. Across the country, nonvoters said that if they cast a ballot, they would support the Democratic candidate over Trump by a slim margin, 33 percent to 30 percent. But in Pennsylvania, nonvoters went strongly in the other direction: By a 3628 percent margin, they said theyd prefer Trump over the Democrat. The eight-point gap was the second largest (after Arizona) in favor of Trump in any of the 10 swing states that the organization polled.

Jerusalem Demsas: Americans vote too much

Democrats sometimes have the mistaken opinion that anybody that doesnt show up is going to vote Democrat, Mike Mikus, a longtime Democratic strategist in Pennsylvania, told me. Its been one of the myths in Democratic circles for years. Quite frankly, given the changing of the respective party bases, it makes sense that [automatic registration] may somewhat benefit Republicans. Other recent polls have suggested that the political realignment of the Trump era has made the GOP more reliant on infrequent voters.

The place where Democrats could most use stronger turnoutparticularly among the partys base of Black votersis Philadelphia, which provided about one-sixth of Bidens statewide vote in 2020. The city had higher turnout than Pennsylvania as a whole in both 2008 and 2012, when Barack Obama led the Democratic ticket, but it has lagged further and further behind in each election since. Last year, turnout in Philadelphia was just 43 percent, compared with 54 percent statewide.

Yet automatic voter registration might have less impact in Philadelphia than in other parts of the state. Studies have found that the switch drives higher turnout outside urban areas, where Democratic voters are most concentrated. Thats partly because automatic voter registration is operated through the state Department of Motor Vehiclesan agency with which people who rely on public transit are less likely to interact. For that reason, when New York implemented automatic registration in 2020, voting-rights advocates lobbied aggressively for the state to enroll voters through other agencies in addition to the DMV; as of 2018, a majority of the more than 3 million households in New York City did not own a car.

Pennsylvania has no plans to implement automatic voter registration beyond the state DMV. Democrats have been adamant that in enacting the new system, Shapiro was not trying to benefit his party but merely trying to reach the 1.6 million Keystone State residents who are eligible but not registered to vote. Although Republicans argued that the change should have gone through the state legislature, they have not formally challenged automatic registration in court. Few of them seemed to agree with Trump that the reform would doom the GOP. Its impact will be somewhere etween inconsequential and a nothingburger, Christopher Nicholas, a Republican consultant in Pennsylvania, told me.

Democrats say its too early to assess the electoral impact of automatic voter registration, but they acknowledged that Republicans might gain more voters as a result. More than 13,500 Pennsylvanians registered to vote through the new system during its first six weeks of implementation, according to numbers provided by the Shapiro administration. Of that total, Republicans added about 100 more voters than Democrats. Our former president is almost always wrong, Joanna McClinton, who leads a narrow Democratic majority as the speaker of the Pennsylvania state House, told me. The fact that Trump is so opposed to the reform, she said, reveals something weve always known, which is Republicans want to keep the electorate small, selective, and they dont want to expand access to voting even if they could be the beneficiaries of it.

Whether Trump regains the presidency next year could hinge on the tightest of margins in Pennsylvania. I asked McClinton if she worried that by implementing automatic voter registration, Shapiro had unintentionally bestowed an electoral gift on Republicans ahead of an enormously significant election. McClinton didnt hesitate. Not at all, she replied quickly. I look forward to seeing the full data, but I definitely am not looking at this from a political perspective but from a big-D democracy perspective.

Continue Reading

World

US-Ukraine deal no longer looks like gangsters running a protection racket – but Trump could still end military support

Published

on

By

US-Ukraine deal no longer looks like gangsters running a protection racket - but Trump could still end military support

This is a significant moment in this war.

It strengthens ties between Ukraine and the US which have been fraying to the point of disintegration.

But will it increase the chances of a diplomatic breakthrough to find peace? Possibly not. Without that, this agreement will have changed little in this pointless grinding war.

But it does give Donald Trump a personal political investment in a conflict he has always seemed to have regarded as someone else’s fault, someone else’s problem and a money pit for US resources.

On the face of it, it is a purely economic agreement.

Ukraine had wanted to tie in explicit guarantees of continuing US military support. The details are scant but they appear to be absent.

But reaching agreement is a considerable diplomatic achievement on both sides.

More from World

The negotiations have been painful.

Ukraine war latest: Follow live updates

Please use Chrome browser for a more accessible video player

Trump and Zelenskyy – it’s complicated?

The idea of a minerals deal was initially proposed by President Zelenskyy but at times he must have regretted it as acrimonious talks threatened to torpedo US support for Ukraine entirely.

It was meant to have been signed in February before the infamous Zelenskyy-Trump-Vance bust up in the Oval Office.

At one point it looked like an act of extortion. Like gangsters running a protection racket, the US seemed to be demanding all Ukraine’s mineral wealth in return for continued support.

But the terms now look less onerous. Most importantly it seems the Trump administration is not asking retrospectively for the return of billions given by the Biden administration, by means of this minerals extraction agreement.

The turning point in negotiations appears to have been the meeting engineered between Mr Trump and Mr Zelenskyy on the sidelines of the Pope’s funeral in Rome on Saturday. Mr Zelenskyy appears to have persuaded Mr Trump it was a deal worth signing.

Read more:
Key moments that have shaped Trump and Zelenskyy relationship
Tesla’s board members ‘start looking for Musk’s successor’
What the White House has said about minerals deal

Please use Chrome browser for a more accessible video player

From February: Watch Trump and Zelenskyy clash

The terms are vague and not detailed but the agreement appears to be more of a long term proposal for joint cooperation over Ukraine’s economic future.

America will invest in exploiting Ukraine’s mineral wealth but also share the profits years down the line.

The signing comes at a crucial time for Ukraine. Its forces are losing ground on the battlefield. And Mr Trump’s efforts to broker peace look decidedly one-sided against them.

Falling in line on this deal was essential for Ukrainians. Whether it saves them from President Trump walking away and ending military support for them anyway, is by no means certain.

Continue Reading

Politics

Morgan Stanley eyes crypto rollout for E*Trade platform: Bloomberg

Published

on

By

Morgan Stanley eyes crypto rollout for E*Trade platform: Bloomberg

Morgan Stanley eyes crypto rollout for E*Trade platform: Bloomberg

Banking giant Morgan Stanley reportedly plans to list cryptocurrencies on its E*Trade investment brokerage and trading platform.

According to a May 1 Bloomberg report, the firm intends to list crypto assets on E*Trade in 2026. The plan is still in early development, and the bank is said to be exploring partnerships with established crypto firms to power the service. Internal discussions about cryptocurrency support reportedly began in late 2024.

Banking, Banks, Cryptocurrency Exchange, Morgan Stanley
E*Trade homepage. Source: E*Trade

This would not be Morgan Stanley’s first exposure to digital assets. The bank’s wealthiest clients have had access to crypto exchange-traded funds (ETFs) and futures for some time, with the firm’s advisers allowed to pitch Bitcoin ETFs since August 2024.

Related: Morgan Stanley to explore crypto offerings for clients — CEO

Regulatory tailwinds push crypto forward

The news follows previous reports that Morgan Stanley was considering adding cryptocurrency trading to its E*Trade online brokerage platform in early January. The reports at the time cited the expectations of a friendlier crypto regulatory environment.

The move comes amid an increasingly favorable regulatory environment in the United States following the election of President Donald Trump, who campaigned on a pro-crypto platform and is personally involved in several blockchain ventures.

Related: Morgan Stanley discloses $188M in BlackRock Bitcoin ETF holdings

The first 30 days of the Trump administration brought significant changes to the local crypto industry. More recently, US crypto proponents have shown optimism following the swearing-in of pro-crypto Securities and Exchange Commission Chair Paul Atkins.

The SEC had significantly changed its stance even before Atkins took office. In late February, the agency had already paused multiple cryptocurrency enforcement cases with imminent deadlines.

This is a developing story, and further information will be added as it becomes available.

Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

Continue Reading

Environment

Trump rewrites crypto rules in first 100 days, industry celebrates ‘180 pivot’ from Biden years

Published

on

By

Trump rewrites crypto rules in first 100 days, industry celebrates '180 pivot' from Biden years

People walk past an advertisement feature Donald Trump with Bitcoin in Hong Kong. 

May James | Lightrocket | Getty Images

As President Donald Trump hit the 100-day mark this week for his second term in office, his approval numbers were lower than for any administration at this point in over seven decades.

Don’t tell that to the crypto community.

Trump ran for office on a promise to make America “the crypto capital of the world.” Those who got behind that message say he’s already delivered, or at least gotten off to a hot start.

A blitz of executive actions, strategic appointments, and early wins, from the creation of a Strategic Bitcoin Reserve to the rollback of enforcement-heavy SEC tactics, has left the industry feeling more welcome in Washington, D.C., than ever.

“Every single appointment — I’m happy with from a crypto perspective,” said Nic Carter, founding partner at Castle Island Ventures. “The previous financial regulatory apparatus was dead set against crypto, and now it’s been a total 180 compared to that.”

President Trump faced early blowback after proposing the possibility of a strategic crypto reserve that would go beyond bitcoin and include other digital currencies like etherXRP,  Solana’s SOL token and Cardano’s ADA. Skeptics said taxpayer dollars shouldn’t be spent on such risky assets. The president soon narrowed the plan to focus solely on bitcoin and made clear he wouldn’t use taxpayer funds to support a government buying strategy.

He’s also been criticized by some for launching a meme coin that’s added billions of dollars in paper wealth to his net worth. The $TRUMP token surged earlier this month after its website announced that top holders would be invited to a private dinner with the president. His family is also involved in other crypto projects.

Exodus legal chief discusses SEC's first crypto roundtable under new Chair Paul Atkins

“It doesn’t really help to have members of his family do encrypted projects of their own,” Carter said. “I understand that they are interested in the industry and want to engage with it, but the optics are not that favorable around that.”

But for the most part, that behavior is being ignored as the crypto industry prefers to focus its attention elsewhere even as the president’s job approval broadly sits at just 43%, according to an average of recent national polls.

At the Office of the Comptroller of the Currency, Jonathan Gould has signaled support for issuing new bank charters to crypto firms. During President Joe Biden’s presidency, that was almost unthinkable.

“We’ll see a lot of new crypto firms getting bank charters,” Carter said. “And new banks getting set up that are expressively focused on crypto and stablecoins.”

The Federal Deposit Insurance Corporation, under interim chair Travis Hill, is also making moves. Crypto fans have applauded his efforts to expose what industry insiders call “Choke Point 2.0,” an alleged coordinated effort by regulators during the Biden presidency to pressure banks into severing ties with crypto.

Paul Atkins, the new chair of the SEC, represents a stark contrast to predecessor Gary Gensler, who was a notorious hardliner when it came to crypto regulations and enforcement. Carter said the SEC under Atkins has already begun working directly with crypto stakeholders, including Castle Island, to craft guidance on token issuance and the line between securities and commodities.

“This is the clarity we’ve been asking for,” Carter said. “Even barring a legislative solution, I think the SEC is going to come out with real guidance around tokens and how a domestic crypto firm can operate.”

Atkins made his first public appearance just four days into the job by opening a crypto roundtable — a move that sent a clear signal to industry participants. Last week, Atkins hosted a half-day session at SEC headquarters in Washington, D.C., focused on crypto innovation and custody. The event took place weeks after the regulator formally dropped its long-running lawsuit against Ripple, a symbolic end to a four-year battle between the SEC and the crypto industry. 

Read more about tech and crypto from CNBC Pro

Veronica McGregor, the chief legal officer of Exodus and a participant in the SEC’s crypto roundtable, echoed Carter’s sentiment in calling the approach a “180 pivot.”

“Just having the roundtables are kind of surprising and refreshing,” said McGregor, who contributed to the political advocacy group Stand With Crypto during the 2024 campaign. “Given that we have an administration that is touting itself as pro-crypto and making some changes that need to be made, I would say those donations were strategically placed and are paying off.”

Waiting on the Fed

Trump has tapped Brian Quintenz, currently policy chief for the crypto group at venture firm Andreessen Horowitz, to lead the Commodity Futures Trading Commission.

Carter cautioned that the Federal Reserve remains a “structural holdout.” While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still can’t work directly with crypto firms “unless the Fed says they can,” Carter said.

The FDIC and OCC have rescinded their anti-crypto guidance, but the Federal Reserve has only partially followed suit. A notice from Jan. 2023 continues to restrict banks from certain crypto-related activities.

“The Fed is still the blocker for banks to deal with stablecoins for crypto,” Carter said.

Brian Armstrong, CEO of Coinbase, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.

Gerry Miller | CNBC

Still, the industry has largely gotten what it wants.

Coinbase CEO Brian Armstrong was among the biggest donors in the 2024 election cycle and made it his second job to try and get crypto-friendly candidates elected. Paul Grewal, the company’s legal chief, said the Trump administration has “really flipped the script on crypto.”

“It wasn’t all that long ago that we had an administration that not only was skeptical of this entirely new technology, but was in fact hostile to it,” Grewal said. “Now we have a White House and a wider administration that is not only welcoming of digital assets and blockchain-based technologies, but embracing it in a number of different ways, and that really has stood out in the first 100 days.”

Grewal also pointed to some bipartisan momentum in Congress, including bills on stablecoins and market structure.

“We’ve got one issue, it seems, where the White House, together with Republicans on the Hill, have worked together with Democrats in both houses of the Congress to get digital asset legislation on the move,” Grewal said.

Grewal praised the SEC for soliciting public input and opening the door to industry participation on topics like custody and market structure.

Faryar Shirzad, Coinbase’s chief policy officer, said the administration has already met two core expectations: ending the regulatory crackdown on crypto and working with Congress to deliver clarity.

He said he’s been pleasantly surprised by the scope of the administration’s ambitions to go beyond bitcoin and to integrate blockchain technology across the broader financial system.

“They are moving much more aggressively to try to implement crypto and blockchain technology in the broader capital markets,” he said. At the SEC, he said, that includes tokenizing the equities market and examining how that fits within traditional regulatory frameworks.

Trump’s World Liberty Financial crypto project says it sold $550 million in tokens

Shirzad also noted that bank regulators have begun exploring blockchain-based payment systems. Beyond the $3 trillion crypto market, he said the administration’s target appears to be the $100 trillion capital markets, “and I think that’s something that people should pay close attention to.”

Ripple Chief Legal Officer Stu Alderoty, now president of the National Cryptocurrency Association, said internal data shows that 73% of U.S. crypto holders want to see the country become a global leader in the space.

“The government and the industry can now move out of the courtroom and invest in what the U.S. does best — innovation,” Alderoty told CNBC.

Fred Thiel, CEO of bitcoin mining firm MARA Holdings, pointed to early wins for his slice of the industry. He said the administration’s support for mining technology allows companies “to strengthen the U.S. economy and grid.”

Thiel, who participated in the first White House Digital Assets Summit, praised the swift appointment of pro-crypto officials and the launch of the President’s Council of Advisers on Digital Assets.

Dan Lawrence CEO of OBM, which manages energy use for industrial-scale mining farms, said the administration’s pro-energy stance has made bitcoin a natural tool for incentivizing new power infrastructure.

“Bitcoin is a great way to incentivize the build out of that power,” Lawrence said. “It’s really great to see bitcoin being acknowledged at the federal level.”

WATCH: OCC rescinds key regulatory hurdle for banking system to engage in crypto-related activity

OCC rescinds key regulatory hurdle for banking system to engage in crypto-related activity

Continue Reading

Trending