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Tesla takes hit as Musk launches third party
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Welcome to The Hill’s Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.

Essential Reads 

    Tech billionaire Elon Musk has set out on the unlikely task of forming his own political party, which he has dubbed the “America Party,” amid his frayed relationship with President Trump and the GOP. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk wrote Saturday on the social platform X, which he owns. “Today, the America Party …

    Musk tweaks Trump with Jeffrey Epstein post

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    The Trump administration warned Monday that the risk of blackouts could be 100 times greater by the end of the decade, as the race to develop artificial intelligence (AI) and the push to reshore manufacturing strain the electrical grid.  In a new report, the Department of Energy noted that 104 gigawatts of power capacity are set to be retired by 2030.   Even if the U.S. brings online 209 gigawatts within the …

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    Crypto Corner 

    Stand with Crypto, a crypto advocacy group, is leading the charge to pass legislation delineating regulatory rules of the road for the industry.

     

    The nonprofit, which was launched with funding from the crypto exchange Coinbase in 2023, delivered letters to House lawmakers Monday urging them to support the Digital Asset Market Clarity Act.

     

    "We are approaching a pivotal crossroads," Stand with Crypto wrote in the letter, signed by 65 crypto organizations.

     

    "There are already signs of U.S. crypto leadership slipping," they added. "We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future."

     

    "Above all else the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating," they said.

     

    The legislation, also known as the CLARITY Act, seeks to divvy up oversight of the crypto industry between two financial regulations — the Securities and Exchange Commission and Commodity Futures Trading Commission.

     

    It advanced out of both the House Financial Services Committee and House Agriculture Committee in early June. 

     

    The House is poised to take up the CLARITY Act alongside the Senate's GENIUS Act and an anti-central bank digital currency (CBDC) bill next week, in what leadership is calling "crypto week."

     

    The Senate passed the GENIUS Act, which aims to establish a regulatory framework for stablecoins, last month. 

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    Fatal floods in Texas draw howls from Dems over Trump cuts

    President Trump signed his sweeping tax cut and spending package known as the “big, beautiful bill” into law during a Fourth of July celebration … Read more

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