Crypto’s Political Victory and the Shifting Tech Landscape
On Friday, former President Donald Trump hosted prominent crypto leaders at the White House, signaling a significant shift in the political landscape. This meeting appeared to be the culmination of weeks where the industry secured various wins, indicating a newfound friendliness towards the cryptocurrency sector.
A Strategic Reserve and Regulatory Shifts
Days before the summit, Trump signed an executive order to establish a “strategic reserve” of cryptocurrency for the US, which he described as a “digital Fort Knox for digital gold.” This move, coupled with other recent announcements, reflects a friendlier stance towards the industry than previously seen. Throughout the week, US oversight agencies dropped investigations into major crypto companies without penalty. Agencies like Coinbase, Gemini, OpenSea, Yuga Labs, Robinhood Crypto, Uniswap Labs, Consensys, and Kraken, saw the investigations closed. The regulators also dismissed fraud charges against an individual who had purchased $75 million worth of Trump’s meme coin, $Trump. Furthermore, the new leadership of the US’s main financial regulator stated that “meme coins” such as the one launched by Trump would not face strict oversight.
Trump had already hinted at these changes during his campaign, being the first major-party presidential candidate to accept crypto campaign contributions. He promised to make the US “the crypto capital of the world.” On Friday, Trump reiterated that pledge, aiming to make the country “the bitcoin superpower.”
Crypto’s Political Investments
David Sacks, Trump’s appointed czar of crypto, stated that the industry had been “subjected to persecution.” Cameron Winklevoss, co-founder of Gemini, said at the White House crypto summit: “This marks another milestone to the end of the war on crypto.” Crypto’s significant investment in politics seems to have paid off handsomely. According to The Intercept, those present at the summit had donated $11 million to Trump’s inauguration. During the 2024 campaign, the crypto industry spent nearly a quarter of a billion dollars, significantly more than any other sector, although the industry’s main political action committee notably did not contribute to the presidential race.
Despite this political success, the price of bitcoin, a key indicator of the industry’s overall health, has declined by approximately 13% since the beginning of the year, mirroring the trend of the broader US stock market. Trump has also suggested that a recession might be coming for the US economy, which has caused investor concern, especially as he changes his stance on tariffs.
Can the Left Reclaim Techno-Optimism?
Amidst the shifting political and technological landscape, the left is grappling with its relationship with technology. Once embracing techno-optimism, the left now finds itself somewhat at odds with the advancements spearheaded by Silicon Valley’s billionaires.
A Quest for a Brighter Future
In a new series, Breakthrough, Amana Fontanella-Khan explores how the left can regain its belief in an optimistic view of the future. The series addresses key questions: Can the left propose a vision for the future that can compete with Elon Musk’s grand visions of space exploration? Can it effectively advocate for harnessing science and technology to deliver breakthroughs, sustainability, and the blossoming of human potential? Ultimately, the series aims to define a progressive techno-optimism that can resonate with a broad audience across communities.
Your Memories of Skype
As Skype prepares to shut down in May, we collected memories from users, recalling how the platform connected loved ones across distances.
Bridging Distances
Many users recounted how Skype bridged the distance to family and friends, including future spouses. Some proposals even took place over Skype video calls. Here are a few representative memories:
- Holly from Iowa, proposed to her Swedish husband using sticky notes over Skype before they eventually married on the same day it terminated its service.
- Laura from Los Angeles, used Skype to connect with her family while living abroad for university, and Thanksgiving became a celebration over the platform, helping her through homesickness.
- Matthew from Wisconsin, communicated regularly with his friend Harald, who lived in Germany. They developed closer ties due to Skype, and Matthew noted Harald’s preference for the platform, continuing to use it even as other platforms became popular.
