Republicans latched on to a sweeping Texas initiative seeking to rival Wall Street , framing it as a pathway to upend the concentration of stock exchanges in New York, a Democratic stronghold.

After the Texas Stock Exchange recently received approval from the U.S. Securities and Exchange Commission, Gov. Greg Abbott (R-TX) highlighted a message from President Donald Trump touting the Dallas-based startup as a financial loss for New York.

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The president “knows that Texas is the future of finance in America,” Abbott said Sunday evening.

In his message, Trump warned that New York stood

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