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Molly White @molly0xfff hachyderm.io

In South Carolina, the AI industry is making its biggest general-election bet: about $5M behind Republican Darline Graham. $2.5M came from Building the Future, a Leading the Future arm that appeared in October and hasn’t spent on any other federal race. Her opponent calls her “Data Center Darline.”

crypto cryptocurrency AI ArtificialIntelligence USpol
+5 Less USpolitics citationNeededNewsletter SouthCarolina Senate SCSen
South Carolina Senate: Darline Graham (R) vs. Annie Andrews (D) $5.7 million • Lean Republican • From crypto and AI PACs The South Carolina Senate race wasn’t supposed to be competitive. Trump carried the state by 18 points in 2024, and it hasn’t elected a Democrat to the Senate since 1998.10 But then Lindsey Graham died while in office in July and was replaced by his sister Darline, who was appointed by the governor and has never held elected office. Her apparent lack of qualifications, combined with party divisions and strong Democratic fundraising, has made the race surprisingly competitive, and aggregate polls have recently shown Graham leading by just 1.4 points.11
This is the artificial intelligence sector’s biggest bet on a competitive general election race. American Mission, the Republican arm of the Leading the Future PAC network, may have thought they were backing an easy winner with their first expenditure of around $375,000 to back Lindsey Graham in his primary. But since then, it has added more than $2 million to back Darline Graham in her primary runoff election and general election. In mid-October, Leading the Future brought in reinforcements: Building the Future, a new arm of the network created specifically to support pro-data center candidates, has spent $2.5 million supporting her in the general, its only federal spending so far. Crypto’s Fellowship PAC also spent $550,000 to back Lindsey Graham in the primary, but did not show up with additional funds to back his replacement.
Andrews has used the data center issue and Graham’s AI funding to tar her opponent as “Data Center Darline”. While Andrews has called for moratoriums on new data centers in the state, Graham has opposed them, saying they would give China a chance to get ahead on AI development.12 Graham has received just over $48,000 in candidate-specific contributions from crypto and AI executives, mostly from Andreessen Horowitz, the Winklevoss twins, and Microsoft. Andrews has received no crypto- or AI-associated PAC support, and no candidate-specific contributions from the associated companies I track (or their executives).
Molly White @molly0xfff hachyderm.io

Crypto has also stopped spending big for Democrats in general elections. In 2024 it put $10M apiece behind Slotkin and Gallego. This cycle, no Democrat has drawn more than about $1M, and those are safe incumbents who voted the industry’s way.

crypto cryptocurrency AI ArtificialIntelligence USpol
+2 Less USpolitics citationNeededNewsletter
In general elections, the crypto industry has stopped spending big to help Democrats. In 2024, it spent about $10 million apiece helping Democrats Elissa Slotkin and Ruben Gallego win their Senate races. This cycle, its Democratic spending has largely been confined to primaries against other Democrats. Even then, its biggest expenditure in a Democratic primary didn’t help any Democrat in particular: it was $10 million in opposition spending against Juliana Stratton in Illinois’s Senate race. Stratton won anyway, by nearly 8 points. The crypto sector hasn’t spent more than about $1 million helping any Democrat in a general election, and those are mostly rewards to industry allies who will safely win re-election regardless. Its biggest general-election spending supporting Democrats was about $1 million apiece for three incumbents in safe or likely seats: Janelle Bynum (OR-05, Solid D), Steven Horsford (NV-04, Likely D), and Derek Tran (CA-45, Likely D), who all voted for the industry’s top priorities, the Clarity [I110] and Genius Acts [I89].
Molly White @molly0xfff hachyderm.io

But most of the money is backing winners. Crypto and AI PACs spent in 105 contests that were never in doubt, versus 44 competitive ones. The major networks didn’t back a single underdog. This is part of a strategy to buy/reward loyalty and pad the PACs’ win rate.

crypto cryptocurrency AI ArtificialIntelligence USpol
+2 Less USpolitics citationNeededNewsletter
Where the money went $249.5 million · 171 contests† Most dollars went to a few battlegrounds. Most contests were safe seats. Two stacked bar charts comparing spending by tracked crypto- and AI-focused super PACs: $249.5 million across 171 contests. The dollars bar is mostly competitive races at $179.9 million (72%). Safe bets got $43.9 million (18%), likely winners $25 million (10%), and underdogs $741,000 (less than 1%). A bracket marks the Ohio Senate special election, which alone accounts for $64.2 million, or 26% of all spending. The races bar is the reverse: safe bets are 105 races (61%), competitive races 44 (26%), likely winners 20 (12%), and underdogs 2 (1%). Safe bets are 61% of contests but 18% of dollars; competitive contests are 26% of contests but 72% of dollars.
Molly White @molly0xfff hachyderm.io

Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.

Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.

crypto cryptocurrency journalism
Reuters headline: “Binance to resume withdrawals after recovering bulk of $6 billion in stolen funds”
Tweet by Binance @binance Oct 30 Binance has begun [begun highlight] recovering [end highlight] affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds in the prior announcement. [begin highlight] Binance has already reserved over $6.34B of company funds to cover this incident. [end highlight] $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be ve
Molly White @molly0xfff hachyderm.io

i’ve been writing about crypto for a while now, but this new addition to the $TRUMP memecoin website fine print may be the most blatant “lol you suckers are our exit liquidity” i’ve seen so far

(CIC Digital is just a shell company Trump uses for the $​TRUMP memecoin and some other projects; it’s wholly owned by Trump’s revocable trust)

crypto cryptocurrency
Screenshot of text: activities, leaderboard competitions, events, or other benefits offered through the Coin Club are independent of, and are not designed to influence the timing or execution of, any token disposition program that may be in effect. [begin highlight] The existence of a Coin Club promotion or event does not indicate that Fight Fight Fight LLC, CIC Digital LLC or their respective affiliates are not contemporaneously disposing of $TRUMP coins [end highlight] pursuant to a pre-announced plan, and you should not acquire or accumulate $TRUMP coins based on any expectation that promotional activity will increase or maintain the market price of $TRUMP coins. You
Gil Duran @gilduran journa.host

Barnes & Noble, Inc.named my book a “Best Business Book of 2026.”

I never thought of “The Nerd Reich” as a business book. But it makes sense.

It tells the story of a cult of apocalyptic billionaires who believe it’s their destiny to destroy democracy.

🗣️ “Transfixing…an ominous look at an insular elite arrayed against American democracy.” —Publishers Weekly

📕 Available wherever books are sold.

#nerdreich #venturecapital #siliconvalley #author #tech #ai #crypto

barnesandnoble.com/blog/…

Molly White @molly0xfff hachyderm.io

The Clarity Act cloture vote has failed by a 49–50 margin; well short of the 60 votes needed. No Democrats crossed over to vote for the bill, and three Republicans voted against.

Senator Collins’ (R-ME) NO vote on Clarity was the most surprising today. She was defending the bill to constituents as recently as last week. My guess is she did not believe the bill had a chance to pass, and was more worried about defending a yes vote as her re-election prospects look slimmer.

crypto cryptocurrency USpol USpolitics
Thank you for contacting me to share your concerns about the Digital Asset Market Clarity Act of 2025.I appreciate your taking the time to do so.The Digital Asset Market Clarity Act of 2025 was passed by the U.S. House of Representatives on July 17, 2025, and a companion bill in the Senate received bipartisan approval from the Senate Banking Committee on May 14, 2026, advancing toward a full Senate vote. Both bills seek to create a regulatory framework for digital commodities, prohibit the Federal Reserve banks from offering certain services directly to individuals, and forbid the use of central bank digital currency.Proponents believe that the bills create a clear regulatory framework for digital assets, the rules and regulations of which are currently determined by a series of regulatory actions and court decisions.I recognize the need to provide regulatory clarity with how the digital assets should be treated by regulatory authorities.Any actions taken should be for the benefit of the general public and strengthen the overall health of our regulatory system.Congress first addressed digital assets with the GENIUS Act, passed by the Senate and subsequently signed into law by the President on July 18, 2025. The new law provides clarity on stablecoins, a particular type of digital asset.After the bipartisan passage of the GENIUS Act, members of the House and Senate have expresse

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