Tech
Tech’s Influence Is Felt at GOP Convention in Milwaukee
Joel Leighton, a British citizen who is a graduate student at Brigham Young University in Utah, is interning at Broadband Breakfast this summer from Washington, D.C. Leighton attended the GOP Convention last week in Milwaukee, covering tech developments over the four days and paying close attention to the GOP’s ties to the cryptocurrency industry. Here are some of Leighton’s remarks about attending his first U.S. political convention.
The task of finding tech-related stories last week at the Republican National Convention, just days after the traumatic assassination attempt on the former President Donald Trump in Pennsylvania, it seemed daunting.
For delegates, donors, and voters, the convention’s goal was to unify and consolidate the party behind a nearly martyred Trump and reclaim the White House. Technology apparently wasn’t at the forefront of anyone’s mind.
That’s what I was thinking as I flew into Milwaukee on Sunday night, July 14. But a week later, I left the Republican Party event with a new awareness of another ongoing conversation within the GOP: the influence of Silicon Valley.
For those with eyes to see and ears to hear, the broader tech world and some of its influential leaders were there trying to influence policy in a second Trump administration. They clearly hoped their ideas and capital could influence the outcome of November 5 and perhaps beyond.
It wasn’t hard to see the tech lobby in action.
Away from the main conference halls were the Blockchain Sessions, a series of informal meetings and seminars on the future of cryptocurrency technology, hosted by a White House Republican.
Venture capitalists and tech innovators walked from the perimeter of the Fiserv Forum to the top of a local coffee shop in the Wisconsin city center. I found many attendees nibbling on appetizers, chatting optimistically about a second Trump administration taking a more crypto-friendly approach than the current Biden administration.
In 2024 platformThe GOP has vowed to end the Democratic Party’s “illegal and un-American crackdown on cryptocurrency” and protect the right to mine cryptocurrency and keep transactions free from surveillance.
Judging by the enthusiastic response it received whenever it was discussed during sessions, the platform’s most popular crypto promise was its commitment to preventing the creation of a central bank digital currency.
There has been debate within the industry over whether Trump is truly committed to a new regulatory framework designed to unlock innovation or whether the current GOP leadership has simply flirted with the industry for financial support.
Christopher Giancarlocryptocurrency advocate and former chairman of the Commodity Futures Trading Commission under Trump, predicted that Trump will embrace the technology’s potential because of his commitment to economic growth.
Others were skeptical. Broadband breakfast live online panel last wednesday which i attended, Jennifer Schulpdirector of financial regulation studies at the libertarian Cato Institute, noted that simply appearing pro-crypto isn’t a requirement when faced with a skeptical Biden administration.
However, another factor has apparently boosted the confidence of technology innovators in the new Trump administration: Mr. J.D. VanceWhile most people know Vance as the author of “The Peasant’s Elegy” Vance, a first-year senator from Ohio, previously lived for two years in San Francisco, where he worked as a venture capitalist.
Just a day after the announcement, Giancarlo said Vance joining the team as Trump’s running mate is good news for tech.
“Vance has been particularly positive about cryptocurrencies—some of his online classes show a real familiarity and appreciation,” Giancarlo said.
Elon Muskthe world’s richest man thanks to his investments in rocket company SpaceX and electric carmaker Tesla, said on his Account X that the Trump-Vance ticket “rings with victory.”
Venture Capitalist David Sacchiwho raised $12 million for Trump in a recent fundraiser, reposted a post X support J.D. Vance as Vice Chairman. One of those reasons was because he was a “successful technology investor.”
While there is some ideological overlap between venture capitalists and the Republican laissez-faire approach, it’s possible that some of these Silicon Valley voices are simply spotting where the wind might blow with the electorate.
After Biden’s disappointing performance in the debate against Trump on June 27, the billionaire and Google investor The Ackman Accountwho had initially supported the MP. Dean Phillips‘, D-Minn., primary challenge to Biden, said on his Account X “[Trump] will win by a landslide. The country should rally around Trump and help him win.” Ackman has donated $1 million to Phillips’ campaign.
Musk, who has received numerous federal grants for his technology ventures, endorsed Trump immediately after the assassination attempt and He is said to have promised $45 million a month for his campaign.
It remains to be seen whether the GOP’s new allies in Silicon Valley will sway the party with their money or whether GOP leaders will accept the support of tech moguls but take only a tepid approach to innovation.
But with Vance potentially joining Trump in the White House and with pro-cryptocurrency and pro-AI policies on the GOP platform, it’s not a stretch to imagine a Trump administration looking favorably on emerging technologies.