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Representative Jim Jordan may or may not break down the last few Republican holdouts who blocked his election as House speaker yesterday. But the fact that about 90 percent of the House GOP conference voted to place him in the chambers top job marks an ominous milestone in the Republican Partys reconfiguration since Donald Trumps emergence as its central figure.

The preponderant majority of House Republicans backing Jordan is attempting to elevate someone who not only defended former President Trumps efforts to subvert the 2020 presidential election but participated in them more extensively than any other member of Congress, according to the bipartisan committee that investigated the January 6 insurrection. As former Republican Representative Liz Cheney, who was the vice chair of that committee, said earlier this month: Jim Jordan knew more about what Donald Trump had planned for January 6 than any other member of the House of Representatives.

Read: Jim Jordan could have a long fight ahead

Jordans rise, like Trumps own commanding lead in the 2024 GOP presidential race, provides more evidence that for the first time since the Civil War, the dominant faction in one of Americas two major parties is no longer committed to the principles of democracy as the U.S. has known them. That means the nation now faces the possibility of sustained threats to the tradition of free and fair elections, with Trumps own antidemocratic tendencies not only tolerated but amplified by his allies across the party.

Ian Bassin, the executive director of the bipartisan group Protect Democracy, told me that the American constitutional system is not built to withstand a demagogue capturing an entire political party and installing his loyalists in key positions in the other branches of government. That dynamic, he told me, would likely mean our 247-year-old republic wont live to celebrate 250. And yet, he continued, those developments are precisely what were witnessing play out before our eyes.

Sarah Longwell, the founder of the anti-Trump Republican Accountability Project, told me that whether or not Jordan steamrolls the last holdouts, his strength in the race reflects the position inside the party of the forces allied with Trump. Even if he doesnt make it, because the majorities are so slim, you cant argue that Jim Jordan doesnt represent the median Republican today, she told me.

Longwell said House Republicans have sent an especially clear signal by predominantly rallying around Jordan, who actively enlisted in Trumps efforts to overturn the 2020 election, so soon after they exiled Cheney, who denounced them and then was soundly defeated in a GOP primary last year. Nominating Jim Jordan to be speaker is not them acquiescing to antidemocratic forces; it is them fully embracing antidemocratic forces, she said. The contrast between Jim Jordan potentially ascending to speaker and Liz Cheney, who is out of the Republican Party and excommunicated, could not be a starker statement of what the party stands for.

In one sense, Jordans advance to the brink of the speakership only extends the pattern that has played out within the GOP since Trump became a national candidate in 2015. Each time the party has had an opportunity to distance itself from Trump, it has roared past the exit ramp and reaffirmed its commitment. At each moment of crisis for him, the handful of Republicans who condemned his behavior were swamped by his fervid supporters until resistance in the party crumbled.

Even against that backdrop, the breadth of Republican support for Jordan as speaker is still a striking statement. As the January 6 committees final report showed, Jordan participated in virtually every element of Trumps campaign to subvert the 2020 result. Jordan spoke at Stop the Steal rallies, spread baseless conspiracy theories through television appearances and social media, urged Trump not to concede, demanded congressional investigations into nonexistent election fraud, and participated in multiple White House strategy sessions on how to pressure Vice President Mike Pence to reject the results.

Given that record, undermining the election is too soft a language to describe Jordans activities in 2020, Jena Griswold, Colorados Democratic secretary of state, told me. He was involved in every step to try to destroy American democracy and the peaceful transfer of the presidency. If Jordan wins the position, she said, you could no longer count on the speaker of the House to defend the United States Constitution.

Jordan didnt stop his service to Trump once he left office. Since the GOP won control of the House last year, Jordan has used his role as chair of the House Judiciary Committee to launch investigations into each of the prosecutors who have indicted Trump on criminal charges (local district attorneys in Manhattan and Fulton County, Georgia, as well as federal Special Counsel Jack Smith). Fani Willis, the Fulton County district attorney, has described Jordans demand for information as an effort to obstruct a Georgia criminal proceeding that is flagrantly at odds with the Constitution.

The willingness of most GOP House members to embrace Jordan as speaker, even as he offers such unconditional support to Trump, sends the same message about the partys balance of power as the former presidents own dominant position in the 2024 Republican race. Though some Republican voters clearly remain resistant to nominating Trump again, his support in national surveys usually exceeds the total vote for all of his rivals combined.

Equally telling is that rather than criticizing Trumps attempts to overturn the 2020 election, almost all of his rivals have echoed his claim that the indictments hes facing over his actions are unfair and politically motivated. In the same vein, hardly any of the Republican members resisting Jordan have even remotely suggested that his role in Trumps attempts to subvert the election is a legitimate reason to oppose him. That silence from Jordans critics speaks loudly to the reluctance in all corners of the GOP to cross Trump.

If Jordan becomes speaker, it would really mean the complete and total takeover of the party by Trump, former Republican Representative Charlie Dent, now the executive director of the Aspen Institutes congressional program, told me. Because he is the closest thing Trump has to a wingman in Congress.

All of this crystallizes the growing tendency at every level of the GOP, encompassing voters and activists as well as donors and elected officials, to normalize and whitewash Trumps effort to overturn the 2020 election. In an Economist/YouGov national poll earlier this year, fully three-fifths of Trump 2020 voters said those who stormed the Capitol on January 6 were participating in legitimate political discourse, and only about one-fifth said they were part of a violent insurrection. Only about one-fifth of Trump 2020 voters thought he bore a significant share of responsibility for the January 6 attack; more than seven in 10 thought he carried little or no responsibility.

That sentiment has solidified in the GOP partly because of a self-reinforcing cycle, Longwell believes. Because most Republican voters do not believe that Trump acted inappropriately after 2020, she said, candidates cant win a primary by denouncing him, but because so few elected officials criticize his actions, the more normal elements of the party become convinced its not an issue or its not worth objecting to.

The flip side is that for the minority of House Republicans in highly competitive districts18 in seats that voted for President Joe Biden in 2020 and another 15 or so in districts that only narrowly preferred TrumpJordan could be a heavy burden to carry as speaker. Everyone is worried about their primary opponents, but in this case ameliorating the primary pressures by endorsing Jordan could spell political death in the general election in a competitive district, Dent told me. Even so, 12 of the 18 House Republicans in districts that Biden carried voted for Jordan onhis first ballot as a measure of their reluctance to challenge the partys MAGA forces.

The instinct for self-preservation among a handful of Republican members combined with ongoing resentment at the role of the far right in ousting Kevin McCarthy might be enough to keep Jordan just below the majority he needs for election as speaker; many Republicans expect him to fail again in a second vote scheduled for this morning. Yet even if Jordan falls short, its his ascent that captures the shift in the partys balance of power toward Trumps MAGA movement.

Bassin, of Protect Democracy, points to a disturbing analogy for what is happening in the GOP as Trump surges and Jordan climbs. When you look at the historical case studies to determine which countries survive autocratic challenges and which succumb to them, Bassin told me, a key determinant is whether the countrys mainstream parties unite with their traditional opponents to block the extremists from power.

Philip Wallach: Newt Gingrichs degraded legacy

Over the years, he said, that kind of alliance has mobilized against autocratic movements in countries including the Czech Republic, France, Finland, and, most recently, Poland, where the center-right joined with its opponents on the left to topple the antidemocratic Law and Justice party. The chilling counterexample, Bassin noted, is that during the period between World War I and World War II, center-right parties in Germany and Italy chose a different course. Rather than directly opposing the emerging fascist movements in each country, they opted instead to try to ride the energy of [the] far-right extremists to power, thinking that once there, they could easily sideline [their] leaders.

That was, of course, a historic miscalculation that led to the destruction of democracy in each country. But, Bassin said, right now, terrifyingly, the American Republican Party is following the German and Italian path. The belligerent Jordan may face just enough personal and ideological opposition to stop him, but whether or not he becomes speaker, his rise captures the currents carrying the Trump-era GOP ever further from Americas democratic traditions.

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

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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

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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

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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.

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

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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

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

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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

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