The Morning After: The US Treasury finalizes tax rules for crypto

Welcome to the first day of July. Summer is here in earnest, but let me keep you, briefly, indoors with tales of finalized rules for crypto in the US, and how Lego is making bricks from stardust. 

A new rule finalized by the US Treasury Department will ensure that people that dipped their toes into crypto (and crypto trading) are paying the proper amount on their sales. The new rule will require cryptocurrency platforms like exchanges and payment processors to report their users' transactions to the IRS. Brokers will have to start reporting sales proceeds on digital assets in 2026 for all transactions accomplished in 2025, which means crypto traders are still on their own for now.

The rule will make easier for people to declare their earnings because their brokers will now have to provide them with a 1099 form. The form has a threshold of $10,000 to report on transactions involving stablecoin, which are cryptocurrencies that track fiat money like the US dollar.

— Mat Smith

The biggest stories you might have missed

China is plowing $11 billion into a solar, wind and coal energy project

Samsung’s Unpacked 2024 event: What to expect

Amazon Prime Day 2024: The best early Prime Day deals

​​You can get these reports delivered daily direct to your inbox. Subscribe right here!

NASA and Boeing say Starliner astronauts ‘are not stranded’

Engineers are set to investigate Starliner's thruster issues.

Officials insisted in a press conference Friday afternoon that astronauts Butch Wilmore and Suni Williams are not “stranded” on the International Space Station. “We’re not in a rush to come home,” said Steve Stich, manager of NASA’s Commercial Crew Program. Boeing’s Starliner has been docked with the ISS since June 6 for what was meant to be a 10-day flight test. However, during approach, the craft experienced problems with five of its thrusters, and a known helium leak appeared to worsen.

It was initially stated that Starliner could only stay docked at the ISS for a maximum of 45 days due to limitations with its batteries, but Stich said during the conference that these batteries are being recharged by the space station, so this can be extended.

Continue reading.

The AI prison of the future is just an Outer Limits episode

Cognify would mentally incarcerate prisoners.

The US has a higher incarceration rate per 100,000 people in its population than any other NATO country. Hashem Al-Ghaili, a molecular biologist and science communicator, claims he’s got the solution. In an interview with Wired, he outlined how a virtual prison could work. Instead of locking prisoners up for long periods of time, prisoners would be subjected to artificial memories in a virtual environment. The system creates customized AI-generated content that’s converted to visual information and delivered to the prisoner’s brain as well as the parts of their DNA and RNA linked to memory formation to establish a long term memory pattern. There are a lot of wrinkles and road bumps, but the biggest may be that such technology just doesn’t exist.

Continue reading.

Lego made bricks from meteorite dust

Will it make for a decent building material?

Lego

Lego has teamed up with the European Space Agency (ESA) to make Lego pieces from actual meteorite dust. They are on display at several Lego store locations until September 20, although it all isn’t just for giggles, or Lego kit upsell. It’s a proof of concept to show how astronauts could use moondust to build lunar structures.

Continue reading.

This article originally appeared on Engadget at https://www.engadget.com/the-morning-after-the-us-treasury-finalizes-tax-rules-for-crypto-111534062.html?src=rss https://www.engadget.com/the-morning-after-the-us-treasury-finalizes-tax-rules-for-crypto-111534062.html?src=rss