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Donald Trump said on the campaign trail ahead of his election that he intended to be the crypto president. But his vision and reality have collided in a way that could ultimately do more harm than good to cryptos broader adoption in the years ahead. Last week, the U.S. Senate dealt the cryptocurrency industry a significant setback, voting to block further advancement of the GENIUS Act, a bill aimed at establishing regulatory guardrails for dollar-pegged stablecoins by classifying them as securities under the jurisdiction of the Securities and Exchange Commission. The surprise collapse of the actwhich had passed through the Senate Banking Committee with Democratic supportstems from several factors, says Timothy Massad, a former chair of the Commodity Futures Trading Commission. One major issue, according to Massad, is the bills quality. It didnt address some key concerns, he tells Fast Company. Bipartisan negotiations to refine the bills language were ongoing, he adds, but a larger obstacle loomed: the president of the United States. Trump is a vocal supporter of crypto, so much so that some view him as too deeply involved in the industry and too likely to benefit financially from any policy decisions he makes to be a neutral actor in shaping crypto adoption. First, World Liberty Financiala crypto firm run by Trumps sonsannounced that its new USD1 stablecoin would serve as the conduit for a $2 billion investment from Abu Dhabis MGX fund into Binance, the worlds largest exchange. At the same time, the presidents $TRUMP meme coin, launched in January and already responsible for $320 million in trading fees, stands to gain from favorable crypto regulation. In March, Trump also named five tokens that the U.S. would begin stockpiling as part of a new crypto strategic reserve. Critics argue that these ventures blur the line between policymaker and market participant. Trump has been so brazenly self-dealing and corrupt that it has given some Democrats pause, says Corey Frayer, a former Senate Banking Committee aide. Massad agrees. Both the activities of the president that many people feel are corrupt and entirely inappropriate, coupled with the weaknesses in the bill, led Democrats to say, We cant support this, he says. White House press secretary Karoline Leavitt has stated that the president is abiding by all conflict of interest laws. But the perception of personal benefit has already derailed what many saw as cryptos best chance at mainstream legitimacy. Its a source of incredible conflict and potential bribery, Massad says. Trumps involvementand the potential for him to profit from crypto-related policy decisionshas forced lawmakers to scrutinize their choices more carefully, including whether to legitimize stablecoins. Stablecoins dont do anything that we dont already do more efficiently in the financial system, Frayer says. That doesnt necessarily mean the bill is dead, or that Trump will get a pass for what critics see as self-serving actions. Theres been this basic agreement that it is bad when politicians use their position to benefit themselves, Frayer says, referencing support for legislation to ban lawmakers from trading stocks based on insider knowledge. This is the exact same type of issue, he continues. It crosses party lines. At least up until now, there has been a bright line at corruption. But the key phrase, as Trump knows all too well, is up until now.
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E-Commerce
A new art exhibition in Chicago uses more than 300 works of art to trace the historical origins of the word homosexual, mapping how its shaped our modern perception of queer identity. According to its lead curator, museums around the world have refused to show the exhibition due to the current political climateeven when its offered to them for free. The exhibition, titled The First Homosexuals: The Birth of a New Identity, 1869-1939, is currently on view at the Wrightwood 659 museum in Chicago through July 26. Its the first time that the exhibitiona passion project of over eight years for lead curator Jonathan D. Katzhas been shown in its entirety. Installation view of The First Homosexuals: The Birth of a New Identity, 1869-1939, at Wrightwood 659, 2025. [Photo:Daniel Eggert/@DesigningDan] Through sculptures, paintings, prints, and other media from the late 19th and early 20th centuries, it explores early, oft-overlooked expressions of queer culture. Further, it examines how the coining of the term homosexual created a binary understanding of sexuality that were still grappling with today. The First Homosexuals sold more advance tickets than any other show since the Wrightwood 659 opened in 2018. But Katz says that after pitching the exhibition to many other museums, hes been faced with one rejection after another. Marie Laurencin, Le bal élégant or La danse la campagne (The Elegant Ball, or The Country Dance), 1913, Oil on canvas, 112 x 144 cm, Musée Marie Laurencin, Tokyo. [Image: courtesy Wrightwood 659] A career in queer studies Katz, who is a professor of queer art history at the University of Pennsylvania, began his career in queer studies during the Reagan administration. When I started, my field was just being born, Katz wrote in a biography for Northwestern University, where he received his PhD. Reagan was in office, AIDS was being instrumentalized by the Right to justify the most odious forms of discrimination, and I had been kicked out of the University of Chicago (among other universities) for pursuing the relationship between art and sexuality. In the decades since, Katz has gone on to teach queer studies at several different universities, including Yale, and cocurated a queer exhibition called Hide/Seek Difference and Desire in American Portraiture at Smithsonian’s National Portrait Gallery. Katzs new exhibition is inspired by a question thats followed him throughout his years of research. The minute you go outside of Europe and its colonies, questions of sexual difference assume a completely different meaningwhich is to say that, very often, there’s absolutely no issue associated with same-sex sexuality, and it’s often understood as part of a continuum of sexualities, Katz says. I was interested, therefore, in trying to decenter the assumptions that we have about sexuality by reference to other cultural norms. That’s what motivated this exhibition, as well as a careful investigation of what, literally, the earliest representations look like. The first use of the word homosexual Katzs curiosity led him back to whats believed to be the first-ever use of the word homosexual, found in a letter exchange between two queer activists, Karl Heinrich Ulrichs and Karl-Maria Kertbeny, in 1868. 1868 Letter. National Szechenyi Library, Manuscript Collection. [Image: courtesy Wrightwood 659] In the letters, Kertbeny takes issue with Ulrichss relegation of queer individuals to its own class of people (or a third sex.). Instead, Kertbeny argued, everyone has the capacity for both homosexual and heterosexual desire. What’s striking is that we use Kertbenys language [today], but we have unfortunately held fast to Ulrichs deeply minoritizing identity category, Katz says. Andreas Andersen, Interior with Hendrik Andersen and John Briggs Potter in Florence,, 1894, Oil on canvas, 128.5 x 160 cm. Under licence from MiC – Direzione Musei Statali della Citt di Roma – Photographic Archive; by kind permission of the National Museums Directorate of the City of Rome ̵ Hendrik Christian Andersen Museum. [Image: courtesy Wrightwood 659] Both before and after Kertbeny and Ulrichss debate, queer sexuality existed on a spectrumand it was captured by countless artists. The First Homosexuals includes works by 125 of them, from well-known artists like Jean Cocteau and the Lumire Brothers to lesser-known creatives like Jacques-Émile Blanche. They were pulled from an extensive list of sources, including both private collectors and institutions like MOMA. Works include an 1820s depiction of men dressed as women on the streets of Lima, Peru; a series of scrolls from Japan in 1850 exploring the sexual education of a young man, whos shown sleeping with both men and women in a variety of positions; and an 1891 photograph showing four women in a romantic embrace. The exhibition is divided into eight sections, each dedicated to peeling back a layer of a story thats largely gone untold in the mainstream. Alice Austen, The Darned Club, 1891, Original glass plate negative, 4 x 5 in, Collection of Historic Richmond Town. [Image: courtesy Wrightwood 659] The final portion of the exhibition is an archway wallpapered with photos of Nazis burning books at the Institute for Sexual Research, the worlds first queer rights organization. Its a dark closing note that reminds viewers of the many archives of queer history that have been purposefully and violently hidden. The idea that everything that flowers over the course of the exhibition can so quickly be destroyed, is, of course, a metaphor for where we are now, Katz says. Since the exhibition opened on May 2, audience reactions have been striking. Its been profound, Katz says. Lots of emotion, tears, real delight, and a sense of a robbed history that’s being restored. Elisr von Kupffer, La danza, 1918, Oil on canvas with painted frame, 197 x 99 cm (framed). [Image: Municipality of Minusio/Centro Elisarion, Claudio Berger (photo)/courtesy Wrightwood 659] A terrible sign for museums For now, though, that history might only be available to a select few. When Katz first began outreach for collecting the art to be included in The First Homosexuals six years ago, he says 80 to 90% of his requests to museums and collectors were rejectedthe highest rate of rejection he’s ever encountered. There were a number of pieces that didn’t come because when you mount an exhibition about the first homosexuals, you know right going in that there are going to be places that just will not want to play with you, Katz says. And that was indeed the case. Ida Matton, La Confidence (The Secret), 1902, Plaster, 65 x 56 cm, Photo: Joel Bergroth/Hälsinglands Museum. [Image: courtesy Wrightwood 659] Since then, rejections have continued to plague the exhibition. Katz has been pitching the finished show to museums around the world for nearly four years, in some cases even offering the exhibition for free despite its multimillion-dollar valuation, he told the Chicago Sun-Times. So far, hes received near-universal rejections, with the exception of the Kunstmuseum Basel in Switzerland, which is currently in talks with Katz to display part of the exhibition at Art Basel 2026. Time and time again, Katz has received the same standard rejection notices from over 100 museums, including the Tate Britain. (The Tate did not respond to a request for comment by publication) Saturnino Herrán, Nuestros dioses antiguos, 1916, Oil on canvas, 101 x 112 cm, Colección Andrés Blaisten, México. [Image: courtesy Wrightwood 659] I wish I knew moreI just get the rejection letters, Katz says. What I hear is, generally, It doesn’t fit our programming, or Were fully scheduled, or some typical excuse. But one director of a major museum, whose name Katz declined to share, did choose to elaborate further. They said to me, It’s exactly the kind of exhibition I want to show, and therefore its the exhibition I can’t show.” In several cases, Katz adds, the initial reception of the proposal was very promising, but it was ultimately turned down, leading him to wonder whether the museums’ boards were issuing the final “no.” In part, Katz attributes this reaction to ahangover from photographer Robert Mapplethorpes 1988 exhibition The Perfect Moment, which was cancelled by the Corcoran Gallery of Art in Washington, D.C., after conservative leaders heavily criticized the exhibition for containing homoerotic content. In the midst of the Reagan presidency, federal funding for the arts had become a hot-button issue, especially as it pertained to work that right-wing pundits labeled indecent. Its a period in history that feels like an uneasy echo of the arts scene today, as the Trump administration has moved to dismantle funding for local museums and libraries, canceled National Endowment for the Humanities grants, and blocked federal arts funding from going to artists who promote so-called gender ideology, a vague term that the government appears to be using as a dog whistle for any kind of gender expression outside of the binary. While Katz sent out most of his art loan requests and exhibition pitches before Trump’s election, he says this pattern of rejection is a familiar narrative that’s plagued the museum world for years. Tomioka Eisen, kuchi-e (frontispiece) with artist’s seal Shisen, c. 1906, Woodblock print, 23.2 x 31.6 cm, Tirey-van Lohuizen Collection. [Image: courtesy Wrightwood 659] “It may not be Trump’s horrific politics, but it is still horrific politics,” Katz says. “It’s the age old prejudicial politics that animates the museum world.” More generally, as a queer studies expert who faced repeated instances of institutional homophobia during the Reagan years, Katz feels that the current political attitude toward the queer community is worse than a regression. Tamara de Lempicka, Nu assis de profil, 1923, Oil on canvas, 81.2 x 54 cm, Döpfner Collection, Germany. [Image: Sothebys/courtesy Wrightwood 659] Homophobia was actually bizarrely less naked under Reagan than it is under Trump, Katz says. They still hated us, but they talked about the idea of an inclusive culture. There’s no discourse of an inclusive culture now. There are clearly drawn borders and boundary lines in every sense of the word, and a profound sense of us against them. For museums that are brave enough to speak out, Katz believes there could be an opportunity to build trust with new audiences by choosing to platform queer stories instead of silencing them. I think that museums actually have a remarkable opportunity to build their audience and relevance if they seize it, Katz says. There is a large population that is not a veteran museum-going population that can become a veteran museum-going population by speaking to the social and political issues that haunt this country. That many museums try to avoid that desperately is a terrible sign. What museums need to do is frankly engage with it.
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E-Commerce
Natural disastersfrom tornadoes across the South and Midwest, to the fires in Los Angeles to Hurricane Helenes devastation in North Carolinahave upended communities, with small businesses among the hardest hit. As extreme weather events become more frequent, these businesses have emerged as vital anchors of community recovery. While urban enterprises navigate complex rebuilding amid dense infrastructure, rural businesses face distinct challenges in disaster response. Yet across geographies, small businesses play a critical role in stabilizing and revitalizing their communities after catastrophe. Rural small businesses, in particular, serve a dual role: Theyre not just economic drivers but also informal safety nets, stepping in to rebuild communities long before larger relief efforts arrive and continuing their work well after national attention fades. The resilience of these businessesand the communities they supportis being tested like never before. Systemic barriers, most notably access to capital, exacerbate their struggles, threatening their survival and the economic stability of their regions. The first responders of local economies When Hurricane Helene swept across the Southeast, it left behind destroyed homes and displaced families, in many cases causing severe damage to already distressed and underfunded communities. Small businesses were among the first to join the front lines, providing critical supplies and services. Across impacted zones, local service providers pivoted quickly, transforming their operations into vital relief centers. Neighborhood establishments became distribution hubs while entrepreneurs converted storefronts into community aid stations. This grassroots network of support reached residents in critical early days, delivering essential resources before larger relief efforts could fully mobilize. While these actions highlight the essential role of small businesses in post-disaster recovery, they also reveal a stark reality: These businesses cannot, and should not, shoulder the burden of recovery alone. As they pour resources into helping their communities, they face significant hurdles in rebuilding their own operationsa challenge compounded by systemic imbalances in capital access. Rural businesses face a persistent capital deficit, leaving them uniquely vulnerable to the compounding effects of natural disasters. In Appalachia, where 99% of businesses are classified as small, the unmet capital needs amount to an estimated $70 billion annuallya gap the Appalachian Regional Commission defines as aggregate capital demand significantly outweighing aggregate capital supply. While rural small businesses rely heavily on local financial institutions61% obtain financing from small banks compared to 39% of urban enterprisesthese lenders often lack sufficient capital to meet emergency needs. Meanwhile, larger financial institutions hesitate to extend loans to rural businesses due to perceived risks, unfamiliarity with their business models, and concerns about profitability in less densely populated markets. This structural financing gap creates a dangerous cycle: Chronic underinvestment limits both disaster recovery capabilities and long-term resilience building. As a result, the very businesses that anchor rural communitiesproviding essential services, employment, and community gathering spacesremain the most financially vulnerable when disasters strike. A call for collaboration Philanthropy has made strides in addressing these challenges, but lasting solutions require collaboration across sectors. Natural disasters expose deep gaps in how we support small businesses in Americas heartland. Public, private, and philanthropic partners like those below are working together to create financing models that attract new capital for growth and resilience. Public-sector innovation Community development financial institutions (CDFIs) play a critical role in bridging the capital gap by offering tailored financing solutions focused on quality job creation, housing affordability, and economic mobility. For example, the governments Community Development Financial Institutions Fund created a Rapid Response Program that deployed $1.25 billion to crisis-impacted communities post-Helene. This model of emergency support, combined with streamlined disaster recovery systems, shows how federal resources can effectively reach businesses when they need it most. However, shifting federal priorities and budget considerations could significantly impact these programs in coming years. With potential changes in funding allocations and regulatory frameworks on the horizon, rural communities may need to develop more diversified support systems that blend public resources with private and philanthropic capital. Strengthening these alternative funding mechanisms will be critical to ensure consistent disaster response capabilities regardless of policy fluctuations. Private-sector leadership Wells Fargos Open for Business Fund exemplifies how private enterprise can drive recovery. Launched in 2020 initially as a pandemic response, this $420 million initiative didnt just provide capitalit created a sustainable network of support through CDFIs and nonprofit organizations, helping thousands of business owners recover, rebuild, and grow. This strategic approach has helped small businesses maintain approximately 255,000 jobs nationwide while building longer-term resilience. The fund’s focus on both immediate financial needs and capacity building offers valuable lessons for disaster recovery efforts in vulnerable regions like Appalachia, where similar public-private partnerships could help bridge persistent capital gaps while strengthening business continuity planning. Philanthropic impact Collaborative funding models are proving effective in addressing capital gaps in underserved regions. By bringing together numerous stakeholders, these partnerships help build sustainable support systems that can better withstand economic and environmental challenges. One example is the Emerging Appalachian Investors Fund, a $5 million initiative that empowers students at Marshall University, West Virginia University, and Ohio University to help manage real investments in local businesses and community development projects. This hands-on model not only enhances financial infrastructure but also fosters long-term resilience in communities that are particularly vulnerable during times of crisis. By combining immediate support with strategic investment, such approaches ensure that local enterprises have the resources they need to recoverand grow. While some collaborative models focus on long-term investment and resilience, others are designed for rapid response in times of crisis. In response to the Los Angeles fires, philanthropic groups stepped up with unique approaches that could be replicated in rural communities. The LA Arts Community Fire Relief Fund, led by the J. Getty Trust and administered by the Center for Cultural Innovation, provides emergency support for artists and art workers in all discipline affected by the fires. A pooled fund of $12 million, launched on January 15, 2025, was made possible through contributions from dozens of foundations and individuals. Complementing these efforts, the Los Angeles Fire Department Foundation Emergency Wildfire Fund equips local firefighters with tools and safety equipment to safeguard both lives and businesses. The stakes extend beyond individual businesses to the heart of community survival. When small businesses have access to capital, they create jobs, strengthen local economies, and build community resilience. The Appalachian regions entrepreneurial spiritreflected in more than 305,000 new business applications in 2021highlights the potential waiting to be unlocked. By implementing comprehensive financing solutions that bridge these capital gaps today, we can ensure rural businesses not only survive disasters but emerge stronger, ready to serve their communities for generations to come.
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E-Commerce
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