 Technology |
Technology |
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Biden proposes crypto rules |
The Biden administration proposed new rules for cryptocurrency brokers as Congress and regulatory agencies are looking to crack down on crypto tax evasion. |
The new rules would require cryptocurrency brokers to report information on digital asset sales and exchanges to the Internal Revenue Services (IRS) and taxpayers, my colleague Taylor Giorno reported. "This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules," the Treasury Department said in a statement. A provision in the 2021 Infrastructure Investment and Jobs Act required additional tax reporting requirements for digital asset brokers, as well as clarification on the types of firms that qualify as crypto brokers. Under the proposed rule, the term "broker" includes digital asset trading platforms, payment processors and certain wallet providers. Crypto brokers would be required to provide a new Form 1099-DA to the IRS and digital asset holders to assist with tax preparation starting in 2026 — covering 2025 sales and exchanges. Read more about the proposal and reactions to it in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, I'm Rebecca Klar — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
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Spirit Airlines agreed to pay $8.25 million to settle a class-action lawsuit over its bag fees, attorneys for the plaintiffs disclosed Wednesday. A group of first-time Spirit flyers who booked their trips through third-party travel sites between 2011-17 sued the airline in 2017, claiming that it did not disclose its bag fees and other extra fees appropriately. |
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The United Auto Workers (UAW) union said Friday that an overwhelming majority of workers at the Big Three automakers — Ford, General Motors and Stellantis, formerly Chrysler — voted to authorize a strike if they don't get "a fair deal" in contract negotiations. "The Big Three's race to the bottom ends on September 14," UAW President Shawn Fain said in livestreamed comments shortly after the announcement Friday. |
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One of the first personal computers built by Apple and signed by company co-founder Steve Wozniak has sold at auction for more than $223,000. The Apple-1 has been restored to a fully operational state and came with a custom case with a built-in keyboard, according to Boston-based RR Auction, which held the sale that closed Thursday. |
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Starting Friday, Europeans will see their online life change. People in the 27-nation European Union can alter some of what shows up when they search, scroll and share on the biggest social media platforms like TikTok, Instagram and Facebook and other tech giants like Google and Amazon. |
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News we've flagged from the intersection of tech and other topics: |
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Tech outlets embrace AI chatbot |
A media company operating several tech outlets is incorporating an artificial intelligence chatbot into its websites, The Verge reported. |
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Meta's threads app unravels |
Meta's alternative to X, the app formerly known as Twitter, isn't receiving the same level of traction as when it initially launched two months ago, NBC News reported. |
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Branch out with other reads on The Hill: |
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Rep. Marjorie Taylor Greene (R-Ga.) expressed her solidarity with former President Trump by posting a photoshopped MAGA mug shot shortly after he was booked and released at the Fulton County Jail, a trend that has now gone viral. Greene shared an image Thursday night of her face on the background of mug shots taken at the Fulton County Jail. On X, the platform formerly known as Twitter, she called Trump's arrest in the Georgia election case "persecution, not prosecution." |
Unionized workers at a General Motors joint venture electric vehicle battery plant in Ohio will see pay raises while they continue to negotiate a contract, if they ratify an interim deal announced Thursday. The United Auto Workers union said that the 1,100 workers at the Ultium Cells plant near Warren, Ohio, will get $3 to $4 per hour increases as well as thousands of dollars in back pay. They'll vote on the interim deal in the coming days. |
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Two key stories on The Hill right now: |
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Republican presidential candidate Nikki Haley sparked a pushback from ABC News anchor George Stephanopoulos after she suggested President Biden won’t … Read more |
| The first GOP debate of the 2024 presidential primary season began on Fox News this week with an unusual prompt: a clip of a low-budget country song from an artist who had no public name recognition as of three weeks ago. Read more |
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Opinions related to tech submitted to The Hill: |
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You're all caught up. See you next week! |
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