Florida GOP lawmakers line up behind Trump in boosting crypto ahead of GENIUS Act vote
U.S. Reps. Jimmy Patronis, R-Panama City, and Randy Fine, R-Palm Bay, drew a combined $1.5 million from Republican-leaning crypto political committees leading up to their April 1 victories in special elections to Congress.
At the time, the industry was eager to bolster the GOP's narrow House majority as it worked toward advancing the so-called GENIUS Act, the milestone crypto bill. The measure recently won bipartisan support in the Senate and is poised for a House vote, likely July 17.
The crypto PAC, Defend American Jobs, hailed Patronis and Fine's elections, saying that the Floridians, "have shown a deep commitment to advancing pro-growth policies and ensuring the U.S. leads the world in crypto and digital asset innovation.'
The GENIUS Act allows banks and companies to offer crypto stablecoins that would be tied to the U.S. dollar and backed by real money. With the change, crypto is expected to gain more customers who may view stablecoin as a more trustworthy digital asset than others in the crypto world, which is not always seen as reliable.
GENIUS stands for Guiding and Establishing National Innovation for U.S. Stablecoins.
President Trump, who once dismissed cryptocurrency as a 'scam' being 'based on thin air,' has converted into a fan. The conversion comes as Trump personally profits from the industry, which stands to gain new credibility with his signature on the GENIUS Act.
Trump and his family control 40% of World Liberty Financial, which has been selling crypto tokens. Sales to investors may have gained the Trump family around $20 million this month, according to reporting by Forbes.
Last year the president's sons also started a company that now offers stablecoins.
U.S. Sen. Elizabeth Warren, D-Massachusetts, has been one of the leading voices opposing the GENIUS Act, warning it has weak protections for consumers and threatens financial stability.
She also said it will 'create a superhighway for Donald Trump's corruption.'
The crypto industry poured millions of dollars into Trump's presidential campaign last year and later his inaugural committee. Florida fund-raiser Brian Ballard, who is close to Trump and to Florida's leading Republicans, counts crypto company Ripple among his clients.
An upside for both parties Special elections: Can both parties claim victory in Florida congressional contests?
Florida was test market for Trump Trump's second term to include many Floridians – and policies tested in Sunshine State
Patronis and Fine were both endorsed by Trump in their special election bids. They're also promoting the crypto industry.
Fine has said, 'Floridians want crypto innovation.' Patronis, who held the state Cabinet post of Chief Financial Officer for seven years before running for Congress, has tried to bring crypto into state government.
He proposed having some of the Florida Retirement System funds go into digital assets such as Bitcoin, an idea which so far has failed to get off the ground.
Patronis' pitch to pension managers at the State Board of Administration came after Trump spoke at the Bitcoin 2024 convention and suggested creating a national reserve denominated in bitcoins.
Legislation this spring by other Trump followers, Rep. Webster Barnaby, R-Deland, and Sen. Joe Gruters, R-Sarasota, also failed. It would've allowed the state to invest as much as 10% of the state's retirement fund and other holdings in Bitcoin, which unlike stablecoin, is not pegged to the value of a stable asset.
Gruters is running for Florida's chief financial officer post next year. The job is currently vacant since Patronis' election to Congress.
Now emerging as the latest Floridian to tout cryptocurrency is U.S. Rep. Mike Haridopolos, R-Indian Harbor Beach, who is his party's 'whip,' or vote-organizer, on the Financial Services Committee.
'America needs to be the centerpoint of this opportunity,' Haridopolos said on FOX News. 'This will reduce costs for businesses and will make it more transparent as well. It will speed up the way we move money at a lower cost.'
On crypto, Haridopolos said 'the president if fully engaged.'
John Kennedy is a reporter in the USA TODAY Network's Florida Capital Bureau. He can be reached at jkennedy2@gannett.com, or on X at @JKennedyReport.
This article originally appeared on Tallahassee Democrat: Florida Republicans join Trump in boosting crypto ahead of House vote
Fehler beim Abrufen der Daten
Melden Sie sich an, um Ihr Portfolio aufzurufen.
Fehler beim Abrufen der Daten
Fehler beim Abrufen der Daten
Fehler beim Abrufen der Daten
Fehler beim Abrufen der Daten
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Could Buying Lockheed Martin Stock Today Set You Up for Life?
Key Points The medium-term outlook for defense spending is positive, with both the U.S. and other NATO countries looking to ramp up investment. Lockheed Martin is well positioned to benefit from President Trump's defense budget. The company's execution issues have troubled it in recent years, and many defense companies have faced margin pressures. 10 stocks we like better than Lockheed Martin › There's a lot to like about defense giant Lockheed Martin's (NYSE: LMT) stock, but is it enough to make it an investment that investors can feel comfortable with, knowing it will generate life-changing long-term returns? The bulls' case for Lockheed Martin The investment case for the stock is relatively easy to understand. It's based on the enduring need for defense equipment and services, as well as its increasing importance in an age of geopolitical conflict. Not only is President Donald Trump seeking to ramp up the defense budget to a record $1.01 trillion, but NATO has also been enlarged, and its members have recently agreed to invest 5% of their gross domestic product (GDP) on core defense requirements as well as defense and security-related spending by 2035. Moreover, much of the spending, at least in the U.S., focuses on missile defense and tactical missiles, which Lockheed Martin specializes in. Indeed, discussing the matter on an earnings call in April, CEO Jim Taiclet said, "Our 21st century security strategy, where we integrate existing and new satellites, aircraft, ships, missile launchers, and command and control systems with constantly upgradable digital technologies, was tailor-made for [missile defense system] Golden Dome." Furthermore, Lockheed Martin's current backlog of $173 billion represents 2.3 years' worth of sales based on the midpoint of management's guidance for full-year 2025 revenue. It's also worth noting that its core customer, the U.S. government, is a highly reliable payer. Turning to valuation, the midpoint of management's guidance range calls for $23.15 in earnings per share and $6.7 billion in free cash flow (FCF). Based on the current price, it would put the stock at 17.2 times earnings and 16.3 times FCF. They are attractive valuations for a company with such solid growth prospects. So is it that case closed? As usual, investing is rarely that simple. The bears' case for Lockheed Martin The negative case for the stock can be seen in three interrelated arguments: Lockheed Martin's execution challenges in recent years, notably with its most important single program, the F-35 Lightning II Joint Strike Fighter, have damaged confidence in its ability to produce "long-run franchise" programs. Lockheed Martin, like many other defense contractors, including Boeing and RTX, has struggled to achieve margin expansion in recent years, as the U.S. government has become more adept at negotiating contracts, particularly through the use of fixed-price contracts. The current environment is highly conducive to defense spending, but that doesn't guarantee that it will be the case in the future. Lockheed Martin's execution and margin challenges The company's execution challenges are encapsulated in two events this year. First, a Department of Defense description of the proposed 2026 defense budget included reducing F-35 procurement. There's little doubt why procurement has been reduced. The DOD is focusing on making existing F-35s mission-capable (able to perform a core mission) rather than procuring new planes. According to just 51.5% of F-35s were mission-capable in 2024. High-profile delays and issues on the Technology Refresh 3 (TR3) on the F-35 have reduced that percentage. In addition, the cost overrun on the F-35 has been so significant that the military is now considering flying it less to reduce costs. These issues damage confidence in Lockheed Martin, not least as it faces upfront costs on programs in expectation of turning them into "long-run franchises." As such, there are questions about its ability to grow margins in the future. The second issue is the loss of the next-generation air dominance (NGAD) contract to Boeing, a decision highly likely to have been influenced by the issues with the F-35. Long-term defense spending This isn't the place to enter a detailed debate over the sustainability of government spending. Still, it's worth noting that if you are buying defense stocks based on the security of long-term growth in spending from the U.S. government (which currently accounts for two-thirds of NATO spending), then you will be comfortable with the following chart of U.S. public debt to GDP and the idea that the possibility of rising debt levels won't constrain spending on defense and other matters in the future. In addition, it's extremely difficult to predict where global defense priorities will be over the next few years, let alone a lifetime. Is Lockheed Martin stock a buy? On balance, defense stocks appear slightly undervalued; however, Lockheed Martin's issues with the F-35 may not make it the best way to capitalize on a positive medium-term outlook for defense spending. As such, Lockheed Martin isn't likely to be a stock that investors can make a life-changing investment in. Should you buy stock in Lockheed Martin right now? Before you buy stock in Lockheed Martin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lockheed Martin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends Lockheed Martin and RTX. The Motley Fool has a disclosure policy. Could Buying Lockheed Martin Stock Today Set You Up for Life? was originally published by The Motley Fool
New York Post
2 hours ago
- New York Post
Costco locations begin to make the switch from Pepsi to Coca-Cola at food courts
Costco's switch from Pepsi to Coca-Cola drinks at its food courts is underway. The change at Costco's food courts 'began rolling out across all Costco warehouses' at the beginning of July, The Coca-Cola Company said in a statement to FOX Business. Advertisement All of Costco's food courts will offer Coca-Cola products by the fall. It comes at a time when President Donald Trump announced on Truth Social that Coca-Cola was going to switch to using cane sugar as a sweetener instead of high-fructose corn syrup. Coca-Cola has neither confirmed nor denied Trump's claim. However, it has thrust the drink maker into a brighter spotlight despite its market dominance. Advertisement The warehouse retailer's change to Coca-Cola beverages may not come as a surprise to members considering Costco CEO Ron Vachris said in January the company would be 'converting our food court fountain business back over to Coca-Cola' this summer. It nonetheless marks a big change for Costco food courts, which had offered Pepsi products since 2013. 'Costco insiders and Coca-Cola fans are buzzing about the transition, which will span warehouses in 14 countries, allowing Costco members everywhere to once again enjoy their favorite Coca-Cola beverages alongside Costco's beloved food court offerings,' Coca-Cola told FOX Business. 3 Costco's food courts have started switching from Pepsi to Coca-Cola. AP Advertisement 3 The rollout of Coke products began in early July. Christopher Sadowski Some social media users have posted photos of Costco food courts to Reddit with a Coca-Cola cup visible in the signage for its popular hot dog and soda combo in recent days. Food courts are one of the many ancillary businesses Costco offers at warehouses along with gas stations, optical departments, hearing aids and tire installation. Costco has said its ancillary businesses encourage members to make trips to the warehouse retailer more often. Advertisement 3 Costco food courts had offered Pepsi products since 2013. oasisamuel – Costco Wholesale Globally, as of Wednesday, the company's footprint spanned 908 warehouses, with 625 of them located in the US, according to a press release. Vachris said during the company's third-quarter earnings call in late May that it expects to reach 914 locations worldwide by the end of its fiscal year. In August, seven Costco openings are planned, with warehouses launching in Canada, Mexico and the US, according to a page on the retailer's website. Costco will release its fourth-quarter financial results in late September.
Yahoo
2 hours ago
- Yahoo
House with underground passage goes up for sale
A HOUSE near Worcester with an underground passage, an indoor pool and a garden bar has gone up for sale for more than £1.9million. The home in Sale Green spans across four floors and boasts 1.29 acres of private gardens. It is being marketed for sale by estate agents Fisher German, who describe it as an "exceptional" family home. It has a unique underground area, with a passage that connects an indoor pool, wet room and a wine cellar to a home gym. READ MORE: 'We can't sell our house and now bills are stacking up' say couple READ MORE: Popular city centre restaurant chain could soon be up for sale READ MORE: Three most expensive properties sold in Worcester revealed - including a pub The lower ground floor is accessed via a staircase in the main hallway on the ground floor. Another staircase leads to the detached garage, which has an annexe above it, with an open plan living, bedroom and kitchen area, as well as a bathroom. A separate outbuilding has been turned into a garden bar, which has a kitchen area and a large patio in front of it. IMPRESSIVE: The house has an underground, indoor pool (Image: Fisher German) The agents have described the gardens and grounds as "outstanding", with "tranquil" ponds, landscaped lawns, a wooded area and a large greenhouse. Inside the main building, there are views over the grounds, with bifold doors from the kitchen and breakfast room. There are oak features throughout the property, including beamed ceilings, flooring and a staircase leading to the upper floors, where there are four bedrooms. BAR: A separate building has been turned into a bar (Image: Fisher German) A spokesperson for Fisher German said: "An impressive and spacious detached family home, finished to an exceptional standard throughout, with every attention detail considered and set in outstanding gardens and grounds." They added: "The surrounding countryside and woodlands provide some wonderful walks and rides over established footpaths and bridleways together with excellent cycle routes. "The popular village of Crowle close by has a post office and village shop, public house and restaurant, parish church, pre-school group, first school and a village hall. "
