Senators introduce bipartisan bill to regulate crypto assets

Politicians are quickly seizing on US government efforts to study and regulate crypto. Reutersreports Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have introduced a bill, the Responsible Financial Innovation Act, that would forge a “complete regulatory framework” for cryptocurrency and other digital assets. The measure is meant to protect consumers and fold crypto into existing laws without restricting technical progress.

RIFA would set clearer definitions, such as establishing which assets are commodities or securities. It would also create requirements for stablecoins (cryptocurrencies pegged to another asset, such as conventional money) to minimize risks and enable speeder payments. The Commodity Futures Trading Commission (CFTC) would have the power to regulate digital spot markets, while providers would be subject to disclosure requirements. There would be a “workable” tax structure that would let you buy products with cryptocurrency without having to account for and report income.

The act would also prompt the government to further research digital assets. It would create a “sandbox” where federal and state regulators could work together on experimental launches of financial technology. The CFTC and Securities Exchange Commission would have to develop both security guidance and a self-regulatory organization. Other government agencies and offices would be tasked with studying energy consumption, the benefits (and dangers) of investing retirement savings in crypto and the security concerns around China’s official digital currency.

The bipartisan nature of the bill could increase its chances of surviving a Senate vote. Reuters also points out that the CFTC is considered friendlier to crypto assets than the SEC, That’s potentially useful for winning over regulation-averse politicians worried the SEC might limit crypto’s growth.

A House equivalent has yet to exist, and it’s unlikely that RIFA would reach President Biden’s desk before the current session of Congress ends. It’s likewise unclear just which digital assets are covered, and whether or not NFTs might be affected. We’ve asked for more details. The bill nonetheless represents the strongest effort yet to regulate crypto, and might just serve as a blueprint for future efforts to control and legitimize the blockchain in the US.

Microsoft will ‘scale down’ its operations in Russia

Microsoft previously halted sales in Russia following the invasion of Ukraine, and now it’s shrinking its presence in the country. The company told Bloomberg in a statement that it will “significantly scale down” its Russian operations in response to a bleaker economic forecast stemming from the war. Microsoft will still honor its contracts in the country, but the reduced footprint will affect over 400 employees.

The Windows creator said it was “working closely” with affected staff to provide support. There was no mention of which segments would be impacted. It was also unclear how many people the company employed in Russia before the announcement. We’ve asked Microsoft for comment.

This isn’t the first major tech company to withdraw at least some of its business in Russia in response to the war. IBM is now winding down its operations after suspending them in March, while software giant SAP said in April that it would exit the country entirely. Other firms, such as Amazon and Apple, have limited some or all of their sales.

This isn’t a huge sacrifice for Microsoft. The developer said in March that Russia accounted for less than one percent of its revenue, and its local business had been in a steady decline over the past few years. Even so, it wouldn’t be surprising if the cutback prompted similar moves from tech peers either showing support for Ukraine or concerned about their Russian sales prospects.

USB-C devices will have to ask for permission to send data in macOS Ventura

MacOS Ventura could prove reassuring if you’re worried about compromised peripherals ruining your computer. As The Vergenotes, Apple has revealed that Ventura will require user permission before USB-C and Thunderbolt accessories can transfer data on M1- and M2-based Macs. You won’t have to fear that someone could deliver malware simply by plugging in a thumb drive, or that a poorly-designed product might wreck your machine by sending bad info.

The policy is enabled by default, but won’t affect accessories plugged into your Mac during the OS upgrade process. It also won’t block external monitors, power adapters or products attached to already-approved hubs. Devices will also continue to charge even if they’re blocked, so you can still use your computer to top up a friend’s phone.

This won’t thwart devices that could fry ports through electrical surges. However, this could add a meaningful layer of security on top of USB-C’s requirement for encrypted authentication certificates. You’ll have the final say on data access, and might just stop a malicious device before it has a chance to do any damage.

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Winkelvoss twins’ crypto exchange faces lawsuit over $36 million theft (updated)

The Winklevoss twins might soon head to court. The Vergenotes retirement savings firm IRA Financial Trust has sued the twins’ crypto exchange Gemini over allegations the business didn’t adequately protect customers against a February 8th breach where intruders stole $36 million in Bitcoin and Ethereum assets. The company didn’t have “proper safeguards” to prevent the theft, according to IRA, and didn’t freeze accounts quickly enough to block the thieves from transferring money.

The trust firm specifically rejected claims that Gemini’s protections prevented a “single point of failure.” Gemini made IRA the parent account for its customers (who use sub-accounts), and gave it a “master key” that was reportedly exchanged in numerous insecure emails. Combine that with security flaws in Gemini’s system and you probably know what happened next — hackers got control of IRA’s key, moved the crypto into a single user’s retirement account, and withdrew the digital cash. The perpetrators also appear to have swatted Gemini during the February incident, making a fake kidnapping call to police. 

Gemini’s other security measures didn’t hold up, the IRA added. It supposedly shouldn’t have been possible to transfer money between accounts if the exchange had either properly implemented two-factor authentication or prohibited transfers between retirement funds. The trust noted that it didn’t have the power to freeze accounts itself, and that it took six emails to lock down all affected users. We’ve asked Gemini for comment.

This adds to mounting problems for the Winkelvoss’ outfit. It recently laid off 10 percent of staff to deal with a plunge in the cryptocurrency market, and the Commodity Futures Trading Commission sued Gemini for purportedly misleading customers in parts of its exchange and futures contract. While none of these problems may necessarily be fatal, they suggest the Winklevii could face financial trouble for a while to come.

Update 6/8 9:08AM ET: Gemini told Engadget in a statement that it “reject[s]” the allegations, and that the attackers targeted IRA rather than the exchange. It claimed that no Gemini systems were compromised, and that it “acted quickly” to help IRA following the breach.

First season of ‘Battlefield 2042’ debuts June 9th with a new map

After a months-long delay, DICE and EA are finally ready to premiere the first season of Battlefield 2042. The two have announced that Season 1: Zero Hour premieres on June 9th with a large batch of fresh content. There’s a new map set in the Canadian Rockies (Exposure) for the All-Out Warfare and Portal modes. A new character, Ewalina Lis, is well-suited to anti-vehicle combat. You’ll need her, too, as there are new stealth helicopters (the Huron and Hannibal) that could provide an unwelcome surprise.

The new season includes a wider range of gear, including a crossbow with multiple round options (including explosive), a mid-range rifle and a smoke grenade launcher. To no one’s surprise, EA is also promising more skins and melee takedown animations for Premium Battle Pass buyers.

Zero Hour also builds on the many bug fixes and needed feature additions since launch. You can expect greater stability, better balancing and improved handling for guns and vehicles, among other tweaks. Custom game mode creators can expect a more powerful editor and a new preset, while Portal brings back some vehicles and “experiences.”

Season 1 is free for all BF2042 players, and you’ll only really want the Premium pass if you insist on having the latest cosmetics. The question is whether or not the update will bring gamers back. While active player counts have levelled out, according to Steam Charts, there’s no doubt that interest in the shooter tumbled soon after its November 2021 debut. A rough launch and other frustrations prompted much of the target audience to drift toward other titles. The major content update might encourage users to give the game a second chance, but it’s not certain that they’ll stick around.

Google adds auto-transcription and simplified grading to its education tools

Many students have returned to in-person classes, but that isn’t stopping Google from making online education more viable. The company has updated Classroom and Workspace for Education with a host of features that improve life for teachers and students alike. In Workspace, for instance, you can now auto-transcribe Meet calls directly into Google Docs — helpful if you want to quickly produce lesson material or help students catch up when they miss lectures. You can also host polls and Q&A sessions in Meet sessions, livestream public events (think school assemblies) to YouTube and use picture-in-picture to manage class presentations without losing sight of your pupils.

Teachers using Classroom, meanwhile, now have access to previously beta-only add-on support that extends functionality beyond what Google can offer. You can get an EdPuzzle add-on to automatically integrate and grade assignments, while a Pear Deck extension can create assignments using lessons from the Pear Deck library. The Classroom updates also make it easier to add YouTube videos to lessons, export grades and get updates through email notifications. An update later in 2022 will let teachers reply directly to students from Gmail notifications.

Google is expanding access to its Read Along app, too. It’s rolling out a beta for a new web version over the next month, so students might not need to lean on their phones as they improve their literacy skills.

The announcements come alongside Chrome OS updates that include improved casting and optimizing educational apps like Figma. Although these updates might not matter much as the pandemic (hopefully) winds down, they could still be useful as schools increasingly rely on internet-based lessons and coursework.

Volocopter’s longer-range drone taxi completes its first test flights

Volocopter’s drone taxi is one step closer to entering service. The German firm has revealed that its four-seat electric VTOL aircraft, the VoloConnect, completed its first flight in May. The machine’s initial trip was brief at two minutes and 14 seconds, but the maneuvers proved that the production-level aerodynamics and performance held up in real world conditions. There have been three flights so far.

The 60-mile range and 155MPH flight speed might not sound like much. However, they promise autonomous commuter flights beyond major urban centers — you could fly to a business meeting from the suburbs. The VoloConnect is effectively a companion to the VoloCity, a shorter-ranged eVTOL flier meant strictly for urban jaunts.

The VoloConnect is expected to serve customers starting in 2026, two years after the VoloCity’s projected 2024 rollout. While that’s a relatively long way off, Volocopter is unique in having multiple air taxis conducting real-world flight tests. The company is closer to actual commuter trips than competitors, many of whom have one model or an indefinite timeline for service.

Samsung’s Galaxy Watch 4 is just $179 at Amazon

This might be your moment to buy a smartwatch for tracking your outdoor runs and hikes. Amazon has the 40mm Bluetooth variant of Samsung’s Galaxy Watch 4 on sale for $179 in black and white colors. That’s a substantial 28 percent off, and nearly as good as the all-time low price. There are modest discounts for 44mm and LTE versions, too, if you either prefer a larger dial or crave independence from your phone.

Buy Galaxy Watch 4 (black) at Amazon – $179Buy Galaxy Watch 4 (white) at Amazon – $179

Whichever color you choose, you’re getting a lot of smartwatch for the money. The Galaxy Watch 4 is the best Android-friendly wristwear we’ve seen with a vivid display, good physical controls and extensive health tracking. The interface will seem familiar if you’ve used previous Samsung watches, but the move to Wear OS has improved the app selection while taking advantage of Google’s ecosystem.

There aren’t many catches beyond the Android requirement and relatively short battery life. The biggest concern may simply be timing. There are signs a Galaxy Watch 5 is just around the corner, and you might want to wait a while if you insist on having the latest timepiece. It’s unclear just when the Watch 5 will launch, though, and it’s safe to say you’ll pay considerably more than $179 for the privilege. This is a fine deal if you want a smartwatch right now.

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Texas AG investigates Twitter over bot counts

Texas’s Attorney General, Ken Paxton, has launched an investigation of Twitter over concerns of “potentially false” reports related to the number of bots and other fake accounts on the social network. In a press release Monday, Paxton claims inauthentic accounts may be helping to “inflate the value” of Twitter — thus he intends to pursue the investigation under the state’s Deceptive Trade Practices Act, which protects against misleading advertisers, businesses and everyday users. 

Paxton’s office is pursuing the case just as Tesla CEO Elon Musk is seemingly attempting to scuttle his own bid to purchase Twitter. Musk has, for several weeks, been suggesting the platform’s bot numbers may be far greater than its current leadership are reporting. It’s interesting timing for Musk and Paxton’s interests to align: Tesla just opened a Gigafactory in Texas, and is moving its headquarters to the region. That’s a lot of potential business, and it comes as the state has offered tax breaks to companies building local facilities. For whatever it’s worth, Paxton has previously been accused of abuse of office over allegations of bribery, but was eventually cleared by his own office.

Twitter has been ordered to provide unredacted documents detailing the company’s active user counts since 2017, the volume of “inauthentic” accounts over that period and the methods used to calculate the ratio of fake accounts. It also has to outline its advertising model, including the revenue it generates in Texas.

It’s also notable that Musk’s hopes of boosting free speech on Twitter sync with Republic aims to reverse alleged censorship of conservative viewpoints on the site. Twitter has long rejected claims of ideological bias, and sued Paxton over claims of political retaliation that infringed its First Amendment rights. 

We’ve asked Twitter for comment. The company has previously maintained that fake accounts represent less than five percent of users, but Paxton echoed Musk’s currently unsupported concerns that fakes might represent 20 percent or more of all Twitter accounts.

The Attorney General has sued multiple tech companies over their practices, including Google (for its ad business) and Meta (over facial recognition). It’s not clear yet if Paxton intends to pursue a lawsuit against Twitter as well.

The MacBook Air M2 comes with a dual-port power adapter

One of the MacBook Air M2’s most important upgrades might sit outside the computer. As part of the announcement, Apple revealed that the 10-core GPU version of the new Air comes with a 35W adapter that includes two USB-C ports. You won’t have to give up one of your laptop’s connections (or plug in a separate power brick) just to charge your iPhone at the same time. Given that the portable only has two Thunderbolt/USB-C jacks, this could prove a life-saver if you use multiple peripherals.

If you’re not worried about connectivity, there’s also an optional 67W adapter that can fast-charge the MacBook Air to 50 percent in 30 minutes. This is the adapter that comes with the base 14-inch MacBook Pro, but the Air M2’s lower power draw makes fast charging practical where it requires a 96W upgrade for the Pro.

The 35W Dual USB-C Port Power Adapter is listed as “coming soon” in compact and regular sizes, and will sell for $59 in stand-alone form if you either buy the 8-core GPU Air or want to use the brick for powering other devices. You can buy the 67W charger for the same $59. The dual-port model will only be available to customers in Canada, China, Japan, Mexico, Philiippines, Taiwan, Thailand and the US, so you’re currently out of luck if you want the added convenience in other parts of the world. 

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