United States

House Democrats Want US To Jointly Build New EV, Broadband Infrastructure (reuters.com) 155

A group of 10 U.S. House Democrats asked the Biden administration on Friday to use funding to build out broadband internet and electric vehicle charging infrastructure simultaneously. From a report: Congress as part of the $1 trillion infrastructure law approved in November 2021 set aside $42.45 billion in grants to expand broadband, including building fiber or other networks and $5 billion for EV charging. The lawmakers led by Representatives Doris Matsui and Anna Eshoo urged officials to coordinate broadband and EV charging infrastructure efforts to encourage "co-location" of EV and broadband, especially in underserved areas "This approach can address multiple national priorities simultaneously and avoid duplicative efforts," the lawmakers wrote.
Privacy

Data Brokers Resist Pressure To Stop Collecting Info on Pregnant People (politico.com) 139

Democratic lawmakers are piling pressure on data brokers to stop collecting information on pregnant people in order to protect those seeking abortions. They're not having much luck. From a report: For years, brokers have sold datasets on millions of expectant parents from their trimester status to their preferred birth methods. Now that the Supreme Court has overturned Roe v. Wade, that same data is becoming a political issue, with abortion-rights groups warning that states with abortion bans are likely to weaponize it. In the three months since POLITICO reported the draft opinion against Roe, numerous congressional Democrats have sent letters to data brokers urging them to stop the practice, promised to interrogate the companies about their collections and introduced bills to restrict reproductive health data from being collected and sold.

But in the absence of federal data privacy legislation or any likely chance of it getting the support needed to pass, many brokers aren't taking heed. POLITICO found more than 30 listings from data brokers offering information on expecting parents or selling access to those people through mass email blasts. Twenty-five of them were updated after the Supreme Court's ruling on Roe v. Wade on June 24. Exact Data, a data broker that offers names, emails and mailing addresses of more than 23,000 expecting parents, updated its inventory as recently as August 1. PK List Marketing also updated its "She's Having a Baby - PRENATAL Mailing List" on August 1, according to its listing on NextMark, a directory of marketing email lists.

Power

Boosters of US Climate Bill Included Clean Energy Companies, Nuclear Developers - and Bill Gates (politico.com) 42

A proposed $369 billion bill would have far-reaching impacts on America's energy landscape — and in a wide variety of ways. The Washington Post took a close look at its tightly targetted energy-industry tax subisidies. "The goal? To make new green energy production cheaper for utilities to build than fossil fuel plants are." But others benefit too:

The bill contains numerous smaller measures aimed at specific parts of the economy with high emissions: $20 billion for agriculture subsidies to help farmers reduce emissions, $6 billion to reduce emissions in chemical, steel and cement plants, and $3 billion to reduce air pollution at ports.
Yet how do you convince a congressman from a coal-producing state? Politico explores what changed the mind of one of the legislation's last hold-out votes and convinced West Virginia Senator Joe Manchin that "The next generation of clean tech needed Washington's backing to take off."

Brandon Dennison, CEO of the economic development organization Coalfield Development, said he'd argued that the legislation offered a way for the coal-producing region to "stay an energy state.... If we want to benefit from the investments and the jobs that are going to come with that transition, we need to be part of the proactive solutions and policies rather than constantly playing on defense." Jason Walsh, executive director of the BlueGreen Alliance, a coalition of labor and environmental groups, said several West Virginia companies pushed Manchin to back the credits as well — even suggesting failure to pass the bill imperiled their plans to invest in new operations. "There were folks who I can't talk about who are directly involved in potentially developing clean energy manufacturing in the state of West Virginia where site visits had happened where all they needed was a set of investments," Walsh said. "And that communication happened as well."

A senior executive with a utility operating in Appalachia said that his company communicated with Manchin how aspects of the bill such as tax credits to build clean energy manufacturing plants at former coal sites and incentives for developing small nuclear reactors and hydrogen would help West Virginia's economy. "We know coal plants are ultimately going to close," the executive said. "What is going to replace them? What are the jobs? What are we transitioning to? In this case, we are going to explore hydrogen, new nuclear and get manufacturing in the state."

Form Energy, a battery storage startup backed by Gates' Breakthrough Energy Ventures and which has plans for a West Virginia manufacturing hub, walked Manchin's staff through its growth trajectories with and without the proposed suite of legislative incentives, a person directly familiar with the interaction said. That person said Form Energy officials showed the differences on a graph. Its investors — including Gates — also called to assuage Manchin's concerns over disbursing the tax credits to companies through a direct pay system rather than using tax equity markets.

United States

America's 'Transformative' Climate Bill Would Fund EV Purchases - While Penalizing China (buffalonews.com) 141

This week U.S. lawmakers drew closer to passing a $369 billion bill with wide-ranging climate provisions.

It helps U.S consumers buy electric vehicle chargers, rooftop solar panels, and fuel-efficient heat pumps. It extends energy-industry tax credits for wind, solar and other renewable energy sources -- and for carbon capture technology. In fact, most of its impact is accomplished through tax credits, reports the New York Times, "viewed as one of the least expensive ways to reduce carbon emissions.

"The benefits are worth four times their cost, according to calculations by the Energy Policy Institute at the University of Chicago." One example is ending an eligibility cap on the $7,500 tax credit for consumers buying electric vehicles: Currently, the credits are phased out after a manufacturer has sold 200,000 electric or plug-in hybrid vehicles. Restoring the credits would be huge for Tesla and General Motors, which have used up their quotas, as well as companies like Ford Motor and Toyota that will soon lose access to the credits. The new tax credit, available through 2032, would make vehicles from those companies more affordable and address criticism that only rich people can afford electric cars...

As it exists, the 200,000-vehicle cap on tax credits would provide a competitive advantage to market newcomers like BYD of China that are expected to use electric vehicles to enter the U.S. market. They could have benefited from the credit while Tesla, the Texas-based company, could not. The Democratic climate legislation would flip that. As written, the bill appears to disqualify cars not made in North America from the credit. Cars made in North America by foreign companies like Mercedes-Benz, Toyota or Volvo would qualify, but imported models would not.

In fact, the 725-page legislation also includes "a strong dose of industrial policy," with several provisions that "appear designed to undermine China's hold over the electric vehicle supply chain... It favors companies that get their components and raw materials from the United States or its allies, while effectively excluding China." "I think it is absolutely a transformative bill," said Leah Stokes, an associate professor of political science at the University of California, Santa Barbara, who specializes in energy and climate change...

Cars would qualify for the full credit only if their batteries were made with materials and components from the United States and countries with which it has trade agreements. The percentage of components that have to meet those restrictions to qualify for the credit would increase over time, under the bill. That provision is aimed at encouraging domestic development of businesses like lithium mining and refining.

Transportation

Senate Moves Forward With EV Tax Credit Reform (electrek.co) 220

An anonymous reader quotes a report from Electrek: The US Senate is going to move forward with a sweeping new bill after Senator Joe Manchin finally accepted to include investments to curb climate change. The new bill is going to include the long-awaited electric vehicle tax credit reform that is going to give back access to the tax credit to Tesla GM vehicles, along with other changes. Last year, the US House of Representatives passed the $1.9 trillion "Build Back Better" legislation, but it has been stuck in the divided Senate ever since. The bill is interesting to the EV community because it includes a long-needed reform to the federal tax credit for electric vehicles. Even though it is technically a small part of the overall bill, it is a point of contention.

The main goal of the reform, and the one most people agree on, is the need to eliminate the tax credit cap after automakers hit 200,000 EVs sold, since it is putting automakers that were early in pushing electric vehicles at a disadvantage. It also happens that those automakers are American automakers, like Tesla and GM, while many foreign automakers still have access to the credit. Joe Manchin, a Democrat and senior United States senator from West Virginia, has been holding his vote, which is the deciding vote since the Democrats need every single one of their votes in the Senate to pass anything. The senator, who comes from a very conservative state, has proven to be difficult to deal when it comes to initiatives that deal with climate change, but in a reversal today, he announced that he accepted a new version of the bill, now called "Inflation Reduction Act of 2022."
Here are some of the key changes to the EV federal tax credit in the new bill (as confirmed by Electrek):

- Federal tax credit for EVs maintained at $7,500
- Eliminates tax credit cap after automakers hit 200,000 EVs sold, making GM and Tesla once again eligible
- The language in the bill indicates that the tax credit would be implemented at the point of sale instead of on taxes.
- In order to get the full credit, the electric vehicle needs to be assembled in North America, the majority of battery components need to come from North America, and contain a certain percentage of minerals from countries with free trade agreements with the US
- A new federal tax credit of $4,000 for used EVs
- Zero-emission vans, SUVs, and trucks with MSRPs up to $80,000 qualify
- Electric sedans priced up to $55,000 MSRP qualify
- The full EV tax credit will be available to individuals reporting adjusted gross incomes of $150,000 or less, $300,000 for joint filers
United States

Congressional Democrats Prepare To Introduce Net Neutrality Bill (cnet.com) 218

Democrats on Capitol Hill plan to introduce legislation that could restore net neutrality and the Federal Communications Commission's authority to regulate broadband. From a report: With President Joe Biden's pick to be the fifth commissioner at the FCC stalled, two Senate Democrats will introduce the Net Neutrality and Broadband Justice Act that would codify Obama-era net neutrality rules repealed under President Donald Trump's administration. The renewed effort to pass a federal net neutrality law is being led by Sens. Edward J. Markey from Massachusetts and Ron Wyden from Oregon, according to a press release sent by Markey's office Thursday.

The legislation would reestablish the FCC's authority over broadband infrastructure by reclassifying internet service as a telecommunications service, the press release states. This would mean stricter oversight for broadband companies like AT&T, Comcast and Verizon, The Washington Post reports. Rep. Doris Matsui, a Democrat from California, will introduce companion legislation in the House, George Hatamiya, a spokesman for Matsui, confirmed last week. "I strongly believe that net neutrality principles should form the foundation of an open internet," Matsui said in an emailed statement to CNET. "These protections will help defend free expression and innovation -- protecting consumers and securing a more equitable online ecosystem."

United States

Senate Passes $280 Billion Industrial Policy Bill To Counter China (nytimes.com) 62

The Senate on Wednesday passed an expansive $280 billion bill aimed at building up America's manufacturing and technological edge to counter China, embracing in an overwhelming bipartisan vote the most significant government intervention in industrial policy in decades. From a report: The legislation reflected a remarkable and rare consensus in an otherwise polarized Congress in favor of forging a long-term strategy to address the nation's intensifying geopolitical rivalry with Beijing, centered around investing federal money into cutting-edge technologies and innovations to bolster the nation's industrial, technological and military strength.

It passed on a lopsided bipartisan vote of 64 to 33, with 17 Republicans voting in support. The margin illustrated how commercial and military competition with Beijing -- as well as the promise of thousands of new American jobs -- has dramatically shifted longstanding party orthodoxies, generating agreement among Republicans who once had eschewed government intervention in the markets and Democrats who had resisted showering big companies with federal largess. "No country's government -- even a strong country like ours -- can afford to sit on the sidelines," Senator Chuck Schumer, Democrat of New York and the majority leader who helped to spearhead the measure, said in an interview. "I think it's a sea change that will stay."

The Media

Media Confidence Ratings at Record Lows (gallup.com) 326

Gallup: Americans' confidence in two facets of the news media -- newspapers and television news -- has fallen to all-time low points. Just 16% of U.S. adults now say they have "a great deal" or "quite a lot" of confidence in newspapers and 11% in television news. Both readings are down five percentage points since last year. Gallup has tracked Americans' confidence in newspapers since 1973 and television news since 1993 as part of its annual polling about major U.S. institutions. The latest readings are from a June 1-20 poll that saw declines in confidence ratings for 11 of the 16 institutions measured and no improvements for any. Television news and newspapers rank nearly at the bottom of that list of institutions, with only Congress garnering less confidence from the public than TV news. While these two news institutions have never earned high confidence ratings, they have fallen in the rankings in recent years.

A majority of Americans have expressed confidence in newspapers only once -- in 1979, when 51% did. But there is a wide margin between that and the second-highest readings of 39% in 1973 and 1990. The trend average for newspapers is 30%, well above the latest reading of 16%, which is the first time the measure has fallen below 20%. The percentage of Americans who say they have "very little" or volunteer that they have no confidence is currently the highest on record, at 46%. Confidence in television news has never been higher than its initial 46% reading in 1993 and has averaged 27%, considerably higher than the current 11%. This is the fourth consecutive year that confidence in TV news is below 20%. And for just the second time in the trend, a majority of Americans, 53%, now say they have very little or no confidence at all in TV news. Republicans' (5%) and independents' (12%) confidence in newspapers is the lowest on record for these party groups, while Democrats' (35%) has been lower in the past. Democrats' confidence in newspapers rose to the 42% to 46% range during the Donald Trump administration but fell when President Joe Biden took office.

Democrats

Democrats Prepare Bill That Would Codify Net Neutrality (theverge.com) 226

According to a new report from The Washington Post, congressional Democrats are expected to introduce a new bill codifying net neutrality in the coming weeks. The Verge reports: The Net Neutrality and Broadband Justice Act -- spearheaded by longtime Senate internet advocates Ed Markey (D-MA) and Ron Wyden (D-OR) -- would reclassify broadband as a telecommunications service under Title II. This would give the Federal Communications Commission new enforcement powers over the internet, including the power to set rules against throttling, blocking, or paid prioritization. [...] The lawmakers could introduce the bill as early as August, a source familiar told The Verge on Monday. The measure would restore the FCC's authority over broadband and allow the agency to investigate consumer complaints and roll out new rules to promote broadband competition and close the digital divide, the source said.

In 2017, the Trump FCC, led by former chair Ajit Pai, rolled back the net neutrality provisions put in place under the former administration. The rules banned broadband providers from throttling and blocking certain lanes of traffic and offering paid fast lanes for specific services. Since the Trump reversal, congressional Democrats have vowed to codify net neutrality permanently. [...] Without an FCC Democratic majority, Markey's net neutrality bill may be the Biden administration's only means of reinstating the open internet regulations.

Intel

US Chip Industry Split Over CHIPS Act Benefits To Intel (reuters.com) 71

Several U.S. semiconductor firms are deliberating whether to oppose a package of chip industry subsidies if the final language of the legislation awaiting a vote in the Senate disproportionately benefits manufacturers like Intel, sources familiar with the matter told Reuters. From the report: Senate Majority Leader Chuck Schumer has told lawmakers that a vote could come as early as Tuesday on a slimmed-down set of bills to bolster the U.S. computer chip industry, after Democratic lawmakers cleaved them from a larger, more contentious bill. The bills are aimed at making the U.S. more competitive against a rising China, whose chip industry has grown rapidly over the last five years to account for almost 10% of global sales. The measures include $52 billion in subsidies and an investment tax credit to boost U.S. manufacturing. The bills have bipartisan support, though Republicans may vote against the chip measures unless Democrats give up plans to try to push through unrelated spending bills that Republicans oppose. But a rift is emerging within the chip industry itself, with some players concerned the final language of the legislation could provide disproportionate support to manufacturers like Intel while doing little to support other chip makers like Advanced Micro Devices, Qualcomm and Nvidia.
Bitcoin

As US Crypto Mining Surges, Lawmakers Demand Disclosure of Emissions and Energy Data (theguardian.com) 123

The world has changed since China banned cryptomining, the Guardian reports. And now "more than a third of the global computing power dedicated to mining bitcoin comes from the US, Senator Elizabeth Warren and five other Democrats reported in a letter to the Environmental Protection Agency..."

But the Guardian also notes there's two problems with this: - The largest US cryptomining companies have the capacity to use as much electricity as nearly every home in Houston, Texas; energy use that is contributing to rising utility bills, according to an investigation by Democratic lawmakers...

- "The results of our investigation ... are disturbing ... revealing that cryptominers are large energy users that account for a significant — and rapidly growing — amount of carbon emissions," the letter states.

"It is imperative that your agencies work together to address the lack of information about cryptomining's energy use and environmental impacts." The congressional Democrats have asked the EPA and the Department of Energy to require cryptominers to disclose emissions and energy use, noting that regulators know little about the full environmental impact of the industry....

The power demands of the industry are also coming at a cost to consumers, the letter states, citing a study that found cryptomining operations in upstate New York led to a rise in electric bills by roughly $165m for small businesses and $79m for individuals.

The main operator of Texas's grid admitted this week to the Verge that by 2026 crypto mining is set to increase demand on the state's power grid by a whopping 27 gigawatts — or nearly a third of the grid's current maximum capacity.

And an associate professor at Rochester Institute of Technology with a background in electricity system policy warns the site that "The more crypto mining that comes into the state, the higher the residents should expect the electricity prices to become."
Social Networks

Meme-Stock Probe Finds Robinhood Woes Were Worse Than It Let On (yahoo.com) 19

Bloomberg writes that the makers of the Robinhood app "faced a more dire situation during the height of last year's meme-stock frenzy than executives at the online brokerage let on publicly, according to a report from top Democrats on a key congressional committee." A more-than-yearlong investigation by staff on the House Financial Services Committee concluded Friday that the frenzied trading in GameStop Corp. and AMC Entertainment Holdings Inc. posed a significant threat to the online brokerage. Robinhood avoided defaulting on its regulatory collateral obligations in late January 2021 only because it received a waiver from its clearinghouse, according to the findings... "The company was only saved from defaulting on its daily collateral deposit requirement by a discretionary and unexplained waiver," according to the report. "Robinhood's risk-management processes did not work well to predict and avert the risk of default that materialized...."

The 138-page document released on Friday provides the most detailed look yet at how alarmed Robinhood executives grew over the situation in late January 2021. According to the findings, those actions didn't match the firm's public assertions.

News

Fewer Americans Than Ever Believe in God, Gallup Poll Shows (yahoo.com) 517

Belief in God among Americans dipped to a new low, Gallup's latest poll shows. While the majority of adults in the U.S. believe in God, belief has dropped to 81% -- the lowest ever recorded by Gallup -- and is down from 87% in 2017. From a report: Between 1944 and 2011, more than 90% of Americans believed in God, Gallup reported. Younger, liberal Americans are the least likely to believe in God, according to Gallup's May 2-22 values and beliefs poll results released Friday. Political conservatives and married adults had little change when comparing 2022 data to an average of polls from 2013 to 2017. The groups with the largest declines are liberals (62% of whom believe in God), young adults (68%) and Democrats (72%), while belief in God is highest among conservatives (94%) and Republicans (92%). The poll also found that slightly more than half of conservatives and Republicans say they believe God hears prayers and can intervene, as well as 32% of Democrats, 25% of liberals and 30% of young adults.
United States

The US Needs a Common Charger, Dems Say (theverge.com) 271

A group of Senate Democrats is calling on the US Commerce Department to follow Europe's lead in forcing all smartphone manufacturers to build devices that adhere to a universal charging standard. From a report: In a Thursday letter addressed to Commerce Secretary Gina Raimondo, Sen. Ed Markey (D-MA) -- along with Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) -- demanded that the department develop a strategy to require a common charging port across all mobile devices. The letter comes a week after European Union lawmakers reached a deal on new legislation forcing all smartphones and tablets to be equipped with USB-C ports by fall 2024. "The EU has wisely acted in the public interest by taking on powerful technology companies over this consumer and environmental issue," the senators wrote. "The United States should do the same."
United States

In Private, Vulnerable Senate Dems Back Off Tech Bill (politico.com) 79

A bipartisan legislative effort to rein in the nation's largest tech companies is facing fresh resistance from a faction of Senate Democrats over complaints the measure could threaten their chances of holding their slim majority, 10 people familiar with the matter told POLITICO. From a report: The internal opposition comes as Democratic leaders are pushing for a vote on the bill by summer, in an effort to pass what has become a central element of the party's broader antitrust agenda. The American Innovation and Choice Online Act, S. 2992 (117) -- led by Sens. Amy Klobuchar (D-Minn.) and Chuck Grassley (R-Iowa) -- would ban major tech firms like Amazon and Google from favoring their products over their competitors. For example, the legislation would bar Amazon from promoting its own private-label products over rival items on its e-commerce platform. The bill marks the most serious attempt at tightening oversight of the tech industry in years and passed the Senate Judiciary Committee with support from both parties earlier this year. Yet in the days since Senate Majority Leader Chuck Schumer told Klobuchar he would hold a floor vote as early as next month, several Democratic senators have privately expressed deep reservations about voting for the legislation, particularly with a midterm election looming, in their conversations with Schumer and other Democratic offices.
Government

Deadlocked FCC Could Derail Biden's Digital Equity Plans (axios.com) 155

The Biden administration has charged the Federal Communications Commission with prohibiting digital discrimination -- but without a third Democratic commissioner to break the agency's partisan deadlock, those plans are in trouble. From a report: One of President Biden's key domestic priorities, improving internet access and affordability, can't advance unless the Senate confirms his FCC nominee. The Federal Communications Commission has been deadlocked at 2 Democrats and 2 Republicans since Biden took office, and his nominee for the third seat, Gigi Sohn, has been awaiting a Senate vote for months amid Republican opposition. The agency is required by the Infrastructure Investment and Jobs Act to craft rules preventing digital discrimination on broadband access.

The rules would prohibit internet service providers such as Comcast or Verizon from deployment discrimination based on the income level or predominant race or ethnicity of the people living in an area. A 2020 study of internet access in Oakland, Calif., found that areas that were redlined by banks in the past -- denied loans or investment -- now have less ISP competition and fiber-based services than their wealthier counterparts. FCC Chairwoman Jessica Rosenworcel launched an inquiry in March, with support from the agency's Republicans, on how to create rules preventing digital discrimination and facilitating equal access to high-speed internet. A major question is how the agency will interpret a part of the law that says the rules should take into account issues of "technical and economic feasibility."

United States

Senators Urge FTC To Probe ID.me Over Selfie Data (krebsonsecurity.com) 11

Some of more tech-savvy Democrats in the U.S. Senate are asking the Federal Trade Commission (FTC) to investigate identity-proofing company ID.me for "deceptive statements" the company and its founder allegedly made over how they handle facial recognition data collected on behalf of the Internal Revenue Service, which until recently required anyone seeking a new IRS account online to provide a live video selfie to ID.me. From a report: In a letter to FTC Chair Lina Khan, the Senators charge that ID.me's CEO Blake Hall has offered conflicting statements about how his company uses the facial scan data it collects on behalf of the federal government and many states that use the ID proofing technology to screen applicants for unemployment insurance. The lawmakers say that in public statements and blog posts, ID.me has frequently emphasized the difference between two types of facial recognition: One-to-one, and one-to-many. In the one-to-one approach, a live video selfie is compared to the image on a driver's license, for example. One-to-many facial recognition involves comparing a face against a database of other faces to find any potential matches.
Communications

California Net Neutrality Law To Remain Intact After Appeals Court Says It Won't Reconsider Earlier Decision (theverge.com) 36

A federal appeals court has denied a request for a rehearing on its January decision that upholds California's net neutrality law. From a report: The 2018 law, widely considered the strongest in the US, was signed into law a year after the Federal Communications Commission (FCC) repealed the Open Internet Order. That order had established stringent net neutrality rules that prohibited internet service providers from throttling or blocking legal websites and apps, and banned ISPs from prioritizing paid content. California's law, which finally took effect last year, also prohibits throttling and speed lanes. Wireless trade associations including the NCTA, the CTIA, and ISPs including Comcast, Verizon, and AT&T sued to block California's law from taking effect, saying the FCC decision should preempt the state law. But that challenge was rejected by a district court judge.

The Ninth Circuit voted 3-0 in January to uphold the lower court ruling, saying the FCC "no longer has the authority" to regulate broadband internet services because the agency reclassified them as "information services, instead of telecommunications services. The FCC therefore cannot preempt the state action." FCC chairwoman Jessica Rosenworcel praised the decision on Twitter, reiterating her position that she wants to see net neutrality become "the law on the land" again. The FCC can't currently reinstate net neutrality at the federal level however since the panel lacks a majority and the two Democrats and two Republicans remain deadlocked on the issue. President Biden's FCC nominee Gigi Sohn is still awaiting a confirmation vote in the Senate.

Bitcoin

Washington Debates Cryptocurrency Rules, With Sights Set on Stablecoins (wsj.com) 29

As Washington attempts to get its arms around the rapidly growing cryptocurrency industry, policy makers in the Biden administration and on Capitol Hill have identified stablecoins as an initial target for tighter regulation. From a report: Often billed as one-to-one representations of a currency like the dollar, stablecoins have recently exploded in popularity as investors use them for trading other cryptocurrencies. There are dozens of stablecoins, though a handful pegged to the dollar account for most of the market value, which grew roughly 500% in the 12 months ending in October, according to a report from the Biden administration.

Both Democrats and Republicans want to create new safeguards to help ensure that one stablecoin is quickly redeemable for one dollar, while at the same time warding off broader risk to financial markets. But despite bipartisan agreement about the need for new federal action on stablecoins, policy makers remain at odds about how and when to take it. The Biden administration is asking lawmakers to pass legislation that would treat stablecoin issuers like banks, a step that Republicans and some Democrats oppose in favor of a lighter statutory touch. Other Democrats are skeptical of compromising with Republicans on the issue at all, instead pushing the Biden administration to take more aggressive steps itself. How -- and if -- Congress resolves the debate over the roughly $185 billion stablecoin market is an early test of whether Washington will ultimately write new laws or wield existing frameworks to regulate the broader $2 trillion cryptocurrency industry.

Twitter

'Is Twitter Dying?' Tweets Elon Musk (yahoo.com) 153

The newest member of Twitter's board of directors just tweeted "Is Twitter dying?"

That would be Elon Musk — who'd preceded the question with a list of Twitter's ten most-followed accounts, noting that most of them "tweet rarely and post very little content." And in follow-up tweets, Musk pointed out that Taylor Swift hasn't posted anything in three months, while Justin Bieber "only posted once this entire year."

When someone posted a bar graph showing that Twitter's user count continued to grow, Musk posted a reply which he's since pinned to the top of his own Twitter feed.

"Now subtract crypto scam accounts that twitter constantly shows as 'real' people in everyone's feed"

This isn't the first time Elon Musk has posted something interesting on Twitter, reports AFP: On Thursday, Musk tweeted a photo of himself smoking marijuana on a Joe Rogan podcast in 2018, with the caption, "Twitter's next board meeting is gonna be lit."
About an hour ago Musk also shared a graph from YouGov (a British market research and data analytics firm) showing that Democrats and Republicans have starkly different levels of trust in major news sources. On the chart Republicans show an average "trustworthiness" rating above 50% for just two of the 22 news outlets: Fox News and the Weather Channel.

Above the chart Musk added the words, "Truth is the first casualty."

Two minutes later he followed that tweet with an equally cryptic remark.

"69.420% of statistics are false."

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