President Donald Trump amassed over $400 million through his super PAC, MAGA Inc. — the largest midterm war chest ever. Now, Trump has begun aggressively spending that money. Some ads inaccurately accuse Democratic candidates of supporting MAGA policies. Other ads, in an effort to find an effective attack, simply use false or fabricated claims.
The crypto industry was desperate to pass the Clarity Act, which would legitimize and stabilize its business by providing it with a federal regulatory framework. Trump, who earned around $1.4 billion through his family’s crypto ventures in 2025, would be one of the primary beneficiaries of a permissive regulatory environment. On Monday, Senator Cynthia Lummis (R-WY) released a new version that she claimed included more ethics requirements for Trump. But it does nothing to actually limit Trump’s business. (UPDATE: The Senate saw through the ruse and blocked the bill from advancing on a 49-50 vote.)
As the midterm elections approach, the AI industry has tapped a former Obama aide, Jay Carney, to build ties with Democrats. This move was celebrated by former Vice President Kamala Harris as an “encouraging effort.” But Carney brings considerable baggage to the role. After leaving the Obama administration, Carney spent years as an executive at Amazon, where he worked to quash privacy and AI regulations.
Earlier this month, the U.S. Securities and Exchange Commission moved to rescind a rule that aims to curb “pay-to-play” scandals relating to public pension funds. The rule prevents money managers from wooing public officials with campaign contributions. The rule was inspired by corrupt pay-to-play schemes involving pension funds in New York and California.
The best of the rest
A Bloomberg analysis found that, in the first 17 months of his second term, “Trump or his money managers made nearly 28,700 trades,” which is more than every single member of Congress combined. At the same time, Trump is seeking “to pass a stock-purchasing ban for lawmakers that would exclude him from any restrictions.” (Bloomberg)
Illegal deportations have risen under the second Trump administration. Since 2025, “judges have ruled that the Trump administration has deported more than 170 people in… violation of court orders, in defiance of legally mandated due process protections, or to countries from which they had sought or received protection from torture and persecution.” (Politico)
In May, Donald Trump Jr. got married in the Bahamas in a lavish celebration that lasted three days and spanned two private islands. Despite his roughly $300 million net worth, Trump Jr. did not foot the bill for much of the wedding. Instead, Umar Kremlev, a Russian oligarch with close ties to Vladimir Putin, spent hundreds of thousands of dollars on the celebration, despite seeming to meet Trump Jr. only recently. (ProPublica)
Numerical information
$6.7 billion: The amount that federal employees were paid by the Trump administration to not work in 2025 due to DOGE’s efforts to reduce the federal workforce, according to a report by the Government Accountability Office.
$7 billion: Trump’s net worth, according to a new Forbes estimate. Trump has increased his net worth by an estimated $2.7 billion since he won the 2024 election.
21%: Decline in viewers for the premiere of CBS’ “60 Minutes” on Sunday. The show was recently overhauled by conservative pundit Bari Weiss, the editor-in-chief of CBS News.
Quote of the week
“We spent more than $2 billion in FEMA funding. You’re waiting for some additional money… I’m gonna get that to you… Now if Michael [Whatley] loses, I’m not sending it. No, I’m only kidding. You’re getting it. You’re going to get it, Michael.”
– President Trump during a North Carolina rally on Wednesday