Media in the USA: "New lobbying colossus" advocates Trump

The high-tech and cryptocurrency sector has become a "new lobbying colossus" in the US, according to the influential magazine "The fresh Yorker". In the hope of deregulation and political influence, the large barons of these industries supported Donald Trump – compose American and British media.

Colossal tributes and political ambitions of this sector make Washington a hostage. The advanced Tech manufacture presently accounts for about 10 percent of US GDP and 1 3rd of the S&P 500 stock index value. "In another words, what this sector is doing is no longer just a substance of Silicon Valley, this is simply a substance of America," said the magazine "Fortune".

The most crucial donors from Silicon Valley advance Trump; the influences of billionaires, who usage their fortunes and translation to the media to build political position, are increasing at a fast pace," the fresh York Times reported.

Entrepreneurs specialising in cryptocurrency are liable for nearly half of corporate dans, which through the alleged super PACs made an election run in 2024. The full technology sector is now 1 of the most crucial business sponsors of politics in America. Its leaders want to have as much influence in Washington and in state congresses as the ones they won on Wall Street," explained the magazine "The fresh Yorker".

Super PAC is an election committee that does not give money to the candidate's staff, but allocates it to actions to support it during the election campaign. 1 of the most powerful specified technological committee is Fairshake. In February, in legally published financial statements, he revealed that he and 2 affiliated organizations of this kind had raised 170 million dollars for business during this year's election and was waiting for further payments," he reported "Nowogorczyk".

The letter besides stresses that this is simply a larger budget than the funds that most of the super PACs in the country have collected, including the Trump-based Preserve America Committee.

Until late Silicon Valley was a bastion of democrats and liberals. However, the attitude of the technological barons there changed the attempts made by legislature and the administration to control the activities of giants specified as Meta, Google or Apple; to push regulations governing the improvement of the technology sector and cryptocurrency and antitrust proceedings.

A peculiar case among the heads of technology companies is Elon Musk, whose companies benefit from government contracts. On the another hand, a very crucial function for his business decisions is the large and sometimes rather unexpected influence of his individual ambitions," wrote "Washington Post". “Fortune” went further and estimates that Musk’s actual motivation should be examined by a well-trained scientist with insight into billionaire problems.

However, the Financial Times assessed that Musk supported Trump financially and logistically as part of a long-term business strategy. "The owner of Tesla, SpaceX, xAI and X aspires to form the future of humanity – Neuralink's brain chip, robot at home, car without driver to get to work, rocket to colonize Mars. Musk assumes that if Trump wins, then (he himself) will have a crucial influence on how the government (US) will treat his companies," the British diary believes.

According to NYT, during this year's electoral campaign, only people specified as the heads of Google and Meta, Sundar Pichai and Mark Zuckerberg retained neutrality among the largest technological titans of business, which only makes Musk's dentancy more media attention.

The administration of president Joe Biden decided to review the practice of technology companies. peculiar attention has been paid to cryptocurrency, whose improvement and application is regulated by the US Securities Committee (SEC). An crucial reason why the government focused so much on controlling cryptocurrency activities was the spectacular collapse of FTX in 2022, from which it evaporated over $8 billion.

The SEC fears – explains “The fresh Yorker” – that without serious supervision the machinations of akin companies can lead to another speculative bubble that will trigger akin crises as in the 2008 financial crisis.

But the possible of strict regulations for the technology sector and cryptocurrency prompted its leaders to shift their support to Trump, which promises little regulation, looser regulations and lower taxes.

The erstwhile president could besides take care of this support. In July, he appeared at an yearly conference of Bitcoin supporters in Nashville. He gave a speech promising to release the head of the SEC “on the first day” of the presidency and order the government to gather billions of dollars in Bitcoin's national reserves. He besides stated that he would make the US "the planet capital of cryptocurrency and a bitcoin superpower".

However, the Democrats are powerfully opposed to besides far-reaching deregulation. In a fresh interview with the “Washington Post”, Senator Elizabeth Warren said that Bitcoin's position upsets her as much as the situation of the banking sector prior to the crisis and “letting (copyinglut) deeper into the American economy, without adequate regulations, will end very badly.”

Also unsupporting Trump Republicans are concerned. Bill Kristol, a author and commentator, 1 of America's most celebrated neoconservatives, wrote on the Bulwark portal that specified billionaires from the technology sector, specified as Musk and Peter Thiel, are “new oligarchs” who have thus supported Trump to cement their influences in the Republican organization and to be able to control the US government, which threatens not only the political but besides the economical order of America.

The function of Elon Musk – as “WP” reminds us – the richest man in the world, who besides has a colossal propaganda tube, or Twitter (X) service, where more than 200 million users are following him. Moreover, since the billionaire took over the platform, it has increasingly become not only a space building support for Trump, but besides a right-wing medium. Musk tries to disrupt mainstream journals, specified as NYT.

In June, the "Financial Times" estimated that to a large degree the heads of technological giants hoped that the Trump administration would not fight their monopolistic position, rise their taxes and halt dragging them into courts under competition policy.

The simplest explanation of this fresh trend is the increasing belief that Trump will win the presidential election and so it is worth gaining early influence in its surroundings," he stressed.

Source: PAP

RoM