🪙 The Crypto Market Just Got Hit With...?

Good morning. US stock futures rose in Monday morning trading as Wall Street looked ahead to the second half of the year.

🪙 IRS finalizes new legislation for crypto platforms

📝 Our report: The tides are turning in the crypto market once again! Crypto platforms will be required to report transactions to the Internal Revenue Service (IRS) starting in 2026, except for decentralized ones that don’t hold assets. This new rule from the IRS and Treasury stems from the Biden Administration’s 2021 Infrastructure Investment and Jobs Act.

 🔑 Key points:

• Beginning in 2026 (covering transactions in 2025), crypto platforms must provide a standard 1099 form, similar to the ones sent by banks and traditional brokerages.

• Gains from selling crypto and other digital assets are taxable even without these new regulations; however, there was no real standardization around how those gains were reported to individual investors and to the government.

• “We need to make sure digital assets are not used to hide taxable income, and these final regulations will improve detection of noncompliance in the high-risk space of digital assets,” said IRS Commissioner Danny Werfel in a statement.

💡 So what: The IRS finalizing legislation to regulate crypto platforms has several implications. It increases compliance requirements for these platforms, ensuring transparency in transactions and potentially reducing tax evasion. This move can boost government revenues but might also drive some crypto activities to less regulated or decentralized platforms. For users, it means more reporting obligations and potential tax liabilities. Overall, it marks a significant step towards integrating cryptocurrencies into the formal financial system while aiming to curb illicit activities.

Monday - No Major Economic News

Tuesday - Federal Reserve Chairman Jerome Powell Speaks

Wednesday - U.S. Trade Deficit, Minutes of Fed's June FOMC Meeting

Thursday - US Independence Day Holiday

Friday - New York Fed President John Williams Speaks, US Unemployment Rate

📈 Mohnish Pabrai shares his top investing principles

💸 Should you ask for a raise? Here’s what you need to think about!

💰 Here’s how you should handle any windfall

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✈️ Boeing makes multi-billion dollar acquisition

WHAT: Boeing is set to buy Spirit AeroSystems for $37.25 per share in an all-stock deal worth $4.7 billion, insiders say. Boeing is seeking to reintegrate Spirit after an accident in January on board a 737 Max-9 airliner revealed quality and manufacturing shortcomings at both Boeing and its most important supplier and led to a rethinking of their relationship.

WHY: For Boeing, the deal brings a key supplier for the 737, 787 Dreamliner and other commercial jets back in-house at a time when the company is feeling the financial strain from the slowed-down output. Boeing lost about $4 billion in cash in the first quarter and is set to lose a similar amount in the current three months of the year.

🥽 Apple moves to integrate AI in VR headset

WHAT: Apple's AI ambitions aren't stopping at iPhones, iPads, and Macs. According to Bloomberg, the company is also gearing up to bring these features to its Vision Pro headsets, making sure your virtual reality experience is as smart as it gets.

WHY: In terms of Vision Pro sales, Bloomberg analyst Mark Gurman reports that Apple is also rolling out changes to the way it demos the headset in stores, adding the ability for potential buyers to view their personal media on the Vision Pro, and also changing the headband from the Solo Loop to the Dual Loop for more comfort. .

🧾 California set to track gun store sales via credit card networks

WHAT: A new California law will make Visa and Mastercard provide banks with special retail codes for gun stores, turning credit card networks into undercover sales trackers. California’s new law requires credit card networks to make the firearms code available to banks and other financial institutions. Those entities then have several months to determine which of their business clients should be categorized as gun stores and assign them new codes by May 1.

WHY: The intent of a gun merchant code is to spot suspicious patterns, like a person with little history of gun purchases who suddenly spends large amounts at multiple gun stores in a short period. Once alerted by banks, authorities could investigate, potentially thwarting a mass shooting.

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