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United States

US May Soon Push Ambitious Antitrust Crackdown on Big Tech in Congress (yahoo.com) 44

America's federal government "is planning a post-midterms push for antitrust legislation that would rein in the power of the world's largest tech companies," reports Bloomberg, "a last-ditch effort to get a stalled pair of bills through Congress before a predicted Republican takeover in January." The lame-duck period after Tuesday's U.S. election may be the last shot to pass the landmark legislation, the American Innovation and Choice Online Act and Open App Markets Act. The bills, which would prevent the tech companies from using their platforms to thwart competitors, would be the most significant expansion of antitrust law in over a century.... Republicans have made it clear that they won't support the bills if they retake control of either chamber of Congress. That has supporters urging the White House to mount a push in the final weeks before a new Congress is seated early next year.

Advocates have criticized the White House for failing to prioritize the legislation, which major tech companies have spent more than $100 million to defeat. Alphabet's Google, Amazon, Apple and Meta all oppose the bill. "There is bipartisan support for antitrust bills, and no reason why Congress can't act before the end of the year," said White House spokesperson Emilie Simons. "We are planning on stepping up engagement during the lame duck on the president's agenda across the board, antitrust included." Versions of both bills have made it through committees but await action by the full House and Senate.

If Congress doesn't act before the end of the year, it will likely be years before U.S. lawmakers pass any legislation to crack down on the power of the tech giants.

United States

US Public's Trust in Science Shows Growing Partisan Gap (arstechnica.com) 219

The Pew Research Center has released the latest iteration of its surveys of Americans' views of science and scientists. From a report: On the most basic level, they see a drop in the public's opinion of scientists since the height of the pandemic in 2020. But, as always, the situation is more complex when the numbers are examined closely. In general, there was a drop in trust of almost every occupation during that time period, and in the case of scientists, this largely represents a return to pre-pandemic popularity. The exception is that nearly everyone is less likely to say that scientists should get involved in policy decisions, with Republicans feeling especially strong in this regard.
Businesses

Stock Trade Ban For Congress Is Being Readied For Release In US House (bloomberg.com) 107

An anonymous reader quotes a report from Bloomberg: Senior House Democrats are poised to introduce long-promised legislation to restrict stock ownership and trading by members of Congress, senior government officials and Supreme Court justices. The bill would apply to the spouses and dependent children of those officials, according to an outline sent to lawmaker offices last week by House Administration Chair Zoe Lofgren. The restrictions also cover "commodities, futures, cryptocurrency, and other similar investments," according to the outline. The legislation would require public officials to either divest current holdings or put them in a blind trust. Investments in mutual funds or other widely held investment funds and government bonds would be allowed.

The bill may be released as soon as Monday, according to a person familiar with the matter. It hasn't been scheduled for a vote, though House Majority Leader Steny Hoyer has said it's possible it could come to the floor this week in the middle of an already jam-packed schedule before lawmakers go on break ahead of the November midterm election. While conservative Republicans and progressive Democrats alike have been clamoring for restrictions on stock trades by members of Congress to avoid conflicts of interest, legislation has been hung up by questions about how broad to make the ban and whether to include family members. A group of senators is working on their own version of the legislation and there's little chance of Congress taking any final action before the midterms. [...]

Another potential point of contention is applying the requirements to the Supreme Court. The Congressional Research Service in an April report said that Congress imposing a code of conduct on the judiciary would "raise an array of legal questions," including whether it would violate the constitutional separation of powers. Justices and lower court judges already file annual financial disclosures and are barred from participating in cases where there's a direct conflict of interest. Despite that, the CRS report says that the Supreme Court has never directly addressed "whether Congress may subject Supreme Court Justices to financial reporting requirements or limitations upon the receipt of gifts."
"The current law doesn't prohibit lawmakers from owning or trading individual securities, but it bans members of Congress from using nonpublic information available to them for personal benefit," notes the report. "It requires any transaction be disclosed within 45 days."

Further reading: TikTokers Are Trading Stocks By Copying What Members of Congress Do
United States

BlackRock, Which Manages Over $10 Trillion, Strikes Back at ESG Critics (axios.com) 114

Investment giant BlackRock is rebutting Republican politicians over its ESG investment policies, arguing that its critics are wrong on both the science and the cents. Axios: Private equity and other investment fund managers should pay close attention, because they could be next in the line of fire. Last month, 18 state attorneys general sent a letter to BlackRock, essentially arguing that its goal of moving toward a net-zero economy is in conflict with its fiduciary duty. Two states, Texas and West Virginia, also banned state entities from doing business with BlackRock, arguing (incorrectly) that the firm boycotts fossil fuel company investments.

Axios' Alayna Treene reports that the BlackRock blowback is part of a coordinated lobbying effort, writing: "The crusade against ESG investments is something many conservatives feel deeply about -- they view these companies as cultural enemies who are misusing investment funds to promote pro-climate policies... House Republicans plan to make an assault on ESG a central part of their legislative and investigative agenda if they take back the majority in November's midterms." BlackRock yesterday responded to the AG's letter, with a 10-page letter of its own. After again disputing the "boycott" accusations, the firm wrote: "We believe investors and companies that take a forward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes." BlackRock is the world's largest asset manager, and its CEO Larry Fink has been very outspoken about ESG initiatives (with declining emphasis as the acronym progresses). In other words, it's a juicy target.

Government

Big Tech's $95 Million Spending Spree Leaves Antitrust Bill On Brink of Defeat (bloomberg.com) 46

An anonymous reader quotes a report from Bloomberg: A high-profile push by Congress to rein in the nation's biggest internet companies is at risk of failing with time running out to pass major legislation ahead of midterm elections. Alphabet's Google, Apple, Amazon.com and Meta and their trade groups have poured almost $95 million into lobbying since 2021 as they seek to derail the American Innovation and Choice Online Act, which has advanced further than any US legislative effort to address the market power of some of the world's richest companies. After a nearly two-year battle, the bill is now at a critical juncture as the Senate returns this week for a final stretch before the November midterms. Backers of the measure swear they have the necessary votes, yet it's unclear if they do, and the Senate will be busy with other must-pass spending legislation.

Although clipping the wings of tech giants through antitrust reform had support from both Republicans and Democrats during this Congress, a likely GOP majority in the House next year is expected to focus on allegations that internet platforms squelch conservative viewpoints. That's why tech lobbyists have been trying to run out the clock. Leading Republicans like California's Kevin McCarthy, who is on track to become Speaker under a GOP majority, have publicly opposed the antitrust push. The legislation's sponsors can see the window narrowing. Antitrust advocates were expecting a vote before Congress adjourned for four weeks in August. But Schumer told donors in July that it didn't have enough votes to pass.

The bill has 13 co-sponsors in the Senate, where it would need 60 votes to pass and be sent to the House. Supporters like Yelp's head of public policy Luther Lowe, a longtime Google critic, argue that enough undecided lawmakers would vote for the measure if it came to the floor. A Schumer spokesperson said he's working with the bill's sponsors to find the necessary votes and he still plans to bring it to the floor. The bill was approved by both the House and Senate Judiciary Committees on strong bipartisan votes. Several amendments have addressed concerns about privacy and security issues. What hasn't killed the bill "has made it stronger," said Yelp's Lowe. The measure seeks to restrict the companies from favoring their own products, so that competitors who depend on these platforms to reach consumers wouldn't be at a disadvantage. That could impact the design of Google Maps, the display of Apple Music on an iPhone or the prominence of Amazon Basics on the company's e-commerce site.
"I don't see it going to the floor," said Michael Petricone, senior vice president of government affairs at the Consumer Technology Association, a trade group that counts Amazon, Google and Facebook among its members. "With an election coming up, I expect senators to come back and focus on issues that are popular with voters. Tech regulation is not one of those issues."
Google

US Approves Google Plan To Let Political Emails Bypass Gmail Spam Filter (arstechnica.com) 94

The US Federal Election Commission approved a Google plan to let campaign emails bypass Gmail spam filters. From a report: The FEC's advisory opinion adopted in a 4-1 vote said Gmail's pilot program is permissible under the Federal Election Campaign Act and FEC regulations "and would not result in the making of a prohibited in-kind contribution." The FEC said Google's approved plan is for "a pilot program to test new Gmail design features at no cost on a nonpartisan basis to authorized candidate committees, political party committees, and leadership PACs." On July 1, Google asked the FEC for the green light to implement the pilot after Republicans accused the company of giving Democrats an advantage in its algorithms. Republicans reportedly could have avoided some of their Gmail spam problems by using the proper email configuration. At a May 2022 meeting between Senate Republicans and Google's chief legal officer, "the most forceful rebuke" was said to come "from Sen. Marco Rubio (R-Fla.), who claimed that not a single email from one of his addresses was reaching inboxes," The Washington Post reported in late July. "The reason, it was later determined, was that a vendor had not enabled an authentication tool that keeps messages from being marked as spam, according to people briefed on the discussions."
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."

United States

$79B to Boost US Semiconductor Production Opposed by 31 Republican Senators - and Bernie Sanders (apnews.com) 129

A long-awaited bill in the U.S. Congress proposes $79 billion (over 10 years) to boost U.S. semiconductor production, reports the Associated Press, "mostly as a result of new grants and tax breaks that would subsidize the cost that computer chip manufacturers incur when building or expanding chip plants in the United States."

But opposing the bill are 31 Republican senators — and democratic socialist senator Bernie Sanders: Supporters say that countries all over the world are spending billons of dollars to lure chipmakers. The U.S. must do the same or risk losing a secure supply of the semiconductors that power the nation's automobiles, computers, appliances and some of the military's most advanced weapons systems. Sanders (Independent — Vermont), and a wide range of conservative lawmakers, think tanks and media outlets have a different take. To them, it's "corporate welfare...."

"Not too many people that I can recall — I have been all over this country — say: 'Bernie, you go back there and you get the job done, and you give enormously profitable corporations, which pay outrageous compensation packages to their CEOs, billions and billions of dollars in corporate welfare,'" Sanders said.

Senator Mitt Romney (Republican — Utah), is among the likely Republican supporters. Asked about the Sanders' argument against the bill, Romney said that when other countries subsidize the manufacturing of high technology chips, the U.S. must join the club. "If you don't play like they play, then you are not going to be manufacturing high technology chips, and they are essential for our national defense as well as our economy," Romney said....

"My fear is that more and more companies will locate their manufacturing facilities in other countries and that we will be increasingly vulnerable," said Senator Susan Collin (Republican — Maine).

The bill's supporters remain confident it will pass the U.S. Senate, but then "the window for passing the bill through the House is narrow if progressives join with Sanders and if most Republicans line up in opposition based on fiscal concerns.

"The White House says the bill needs to pass by the end of the month because companies are making decisions now about where to build."
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.

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.
United States

Online Privacy Bill Clears Early Hurdle in House (wsj.com) 33

Bipartisan legislation to establish broad privacy rights for consumers won approval from a House subcommittee on Thursday, adding to its momentum. From a report: Lawmakers approved the bill, the American Data Privacy and Protection Act, on a voice vote with no dissent. It now moves to the full Energy and Commerce Committee for a vote. The bill still faces a long and potentially difficult path, particularly in the Senate. Rep. Frank Pallone (D., N.J.), the committee chairman and a sponsor of the bill, termed it "a massive step forward."

"Every American knows it is long past time for Congress to protect their data privacy and security," he said. "The modern world demands it." Republicans also praised the legislation, while suggesting more changes might be needed. "This bill protects all Americans, regardless of ZIP Code, and provides certainty for businesses so they clearly understand their obligations," said Rep. Cathy McMorris Rodgers (R., Wash.), the committee's top Republican. She said the legislation also would strengthen national security by requiring companies such as TikTok -- owned by Beijing-based ByteDance -- to specify when they are transferring and storing consumers' data in countries such as China.

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.
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

Homeland Security Puts Its 'Disinformation Governance Board' on Ice (axios.com) 141

Department of Homeland Security said it will pause on the agency's weeks-old Disinformation Governance Board. From a report: The board -- which had stated it's intended goal was to "coordinate countering misinformation related to homeland security." -- was widely criticized by Republicans and right-wing media outlets. A DHS spokesperson said in a statement to Axios that the board was "grossly and intentionally mischaracterized: it was never about censorship or policing speech in any manner. It was designed to ensure we fulfill our mission to protect the homeland, while protecting core Constitutional rights. However, false attacks have become a significant distraction from the Department's vitally important work to combat disinformation that threatens the safety and security of the American people." DHS tasked the Homeland Security Advisory Council to conduct a "thorough review and assessment" of the board's ability to deal with disinformation "while protecting free speech, civil rights, civil liberties, and privacy."
Government

Fed Chair Says Interest Rates Should Have Gone Up Sooner (washingtonpost.com) 97

Federal Reserve Chair Jerome H. Powell acknowledged in an interview with Marketplace on Thursday that the central bank could have moved faster to raise interest rates and cut inflation, as the central bank comes under increasing scrutiny over whether it waited too long to act on prices. From a report: "If you had perfect hindsight you'd go back, and it probably would have been better for us to have raised rates a little sooner," Powell said in an interview released Thursday with Marketplace's Kai Ryssdal. "I'm not sure how much difference it would have made, but we have to make decisions in real time, based on what we know then, and we did the best we could."

Powell's comments mark a sharper sentiment of regret than his past remarks when it comes to whether the Fed should have stepped in sooner. The Fed has faced criticism, primarily from Republicans and some prominent economists, such as Lawrence H. Summers, for delaying interest rate hikes and ending stimulus-era financial supports, which work together to cool off the economy and bring inflation down. Powell, who was confirmed by the Senate for a second term as Fed chair earlier Thursday, lost a handful of votes from lawmakers who said their constituents were suffering too much from high prices on his watch. For much of the last year, the Fed stuck to its message that rising inflation would be "transitory," or temporary, and more limited to pockets of the economy hit hard by the coronavirus pandemic and related shutdowns and supply chain disruptions.
At WSJ conference on Tuesday, Powell emphasized his resolve to get inflation down, saying he won't hesitate to back interest rate increases until prices start falling back toward a healthy level. "We'll go to that point. There won't be any hesitation about that," he added.
Republicans

Trump Says He Won't Return To Twitter (barrons.com) 215

Earlier today, Twitter announced that it has agreed to be acquired by Elon Musk for approximately $44 billion. The announcement led to speculation that former President Donald Trump may return to the social media platform after being permanently banned in January 2021 for his role in the January 6th insurrection. However, according to TechCrunch, "it looks like he's not interested and is instead planning to formally join his own Truth Social platform over the next seven days." From the report: "I am not going on Twitter, I am going to stay on Truth," Trump told Fox News. "I hope Elon buys Twitter because he'll make improvements to it and he is a good man, but I am going to be staying on Truth. The bottom line is, no, I am not going back to Twitter." [...] Trump's comments from today come as shares of Digital World Acquisition Corp, which announced a deal in October to acquire Trump Media & Technology Group, fell 9.5% as Twitter officially announced its deal with Musk. It's possible that Truth's shaky start could cause Trump to change his mind about rejoining Twitter down the road.

Trump's media group released its Truth Social iOS app in February, but the app remained unavailable to users for quite some time. Truth is being marketed as an alternative to social media giants like Twitter and Facebook. If Trump does end up posting on Truth regularly this week, it will mark the former president's return to social media following his ban from numerous platforms, including Twitter and Facebook. So far, he's only posted on Truth once.

As for Twitter, Musk says that "free speech" is key to Twitter's future. Twitter says the transaction, which was unanimously approved by the board, will likely close this year following shareholder and regulatory approval and "the satisfaction of other customary closing conditions."

Social Networks

House Republicans Demand Twitter's Board Preserve All Records About Elon Musk's Bid To Buy the Company (cnbc.com) 288

A group of 18 House Republicans is asking Twitter's board to preserve all records related to Elon Musk's offer to buy the company, setting up a potential congressional probe should the party win back the majority this fall. CNBC: In letters shared exclusively with CNBC, Republicans on the House Judiciary Committee asked Twitter Board Chairman Bret Taylor and other members of the board to preserve any messages from official or personal accounts, including through encryption software, that relate to Twitter's consideration of Musk's offer.

"As Congress continues to examine Big Tech and how to best protect Americans' free speech rights, this letter serves as a formal request that you preserve all records and materials relating to Musk's offer to purchase Twitter, including Twitter's consideration and response to this offer, and Twitter's evaluation of its shareholder interests with respect to Musk's offer," said the letter, led by Ranking Member Jim Jordan, R-Ohio.

"You should construe this preservation notice as an instruction to take all reasonable steps to prevent the destruction or alteration, whether intentionally or negligently, of all documents, communications, and other information, including electronic information and metadata, that is or may be potentially responsive to this congressional inquiry," the letter continued. The request signals that should Republicans take back the majority in the House in the 2022 midterm elections, they may launch an investigation into Twitter, especially if the company declines to take the offer from Musk.

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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