Biden will order FTC to make rules on right-to-repair

Biden will order FTC to make rules on right-to-repair

Right-to-repair is a hot topic in tech, auto and other industries, with some manufacturers making it difficult for third parties to access information needed to fix devices. While focused on the agriculture industry, an upcoming executive order from President Joe Biden might also have an impact on the devices and gadgets we use every day. 

In a press briefing Tuesday, White House Press Secretary Jen Psaki said Biden will issue an executive order soon focusing on competition, including giving farmers the right to repair their own equipment. This has been an issue in the agricultural industry with some farmers having to hack their own tractors in order to fix them. 

The order will encourage the Federal Trade Commission to create new rules that prevent companies from limiting customers from repairing their own products or having it done at a third-party shop. The agency will decide the scope of the rules, according to Bloomberg, though the president's order is expected to mention phone manufacturers. 

Tech companies have long opposed efforts and legislation that seek to make it easier for consumers to fix broken electronics, often citing the need to protect against intellectual property theft.

Biden's order is expected to be released in the coming days, according to Bloomberg.

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Biden Set to Sign Law to Pump $53 Billion Into US Chip Manufacturing

Biden Set to Sign Law to Pump $53 Billion Into US Chip Manufacturing

President Joe Biden will sign the CHIPS and Science Act of 2022 into law on Aug. 9 in a Rose Garden ceremony, the White House said in a press statement Wednesday, a move that will flood $52.7 billion in funding to US chipmakers over five years. 

The bill should help companies like Intel and GlobalFoundries compete with Asian processor manufacturers like Taiwan Semiconductor Manufacturing Co. (TSMC) in Taiwan, Samsung in South Korea and Semiconductor Manufacturing International Corporation (SMIC) in China.

The bill is designed to help tech companies in the US cut the enormous expense of chip manufacturing to help ensure a supply of the electronic brains that are critical to cars, computers, weapons systems, dishwashers, toys and just about any other product today that uses electricity. The extent of the US reliance on those processors became clear over the last two years when a global chip shortage halted shipments of many of those products, harming businesses and forcing automakers to shut down car plants.

Congress approved the measure last week with a 243-187 vote in the House of Representatives and a 64-33 vote in the Senate, largely with Democratic support but also with some Republicans on board.

"The bill will supercharge our efforts to make semiconductors here in America," Biden said Tuesday.

China, America's top geopolitical rival and the world's manufacturing leader, has spent lavishly on a program to build its own native semiconductor industry. And many are concerned that the world's top chipmaker, TSMC, is headquartered on an island that China claims as its own territory, a concern that's grown after Russia invaded Ukraine despite international objections.

Although the CHIPS Act is designed to boost US chipmaking, TSMC remains important to US manufacturing. Taiwan's central role in geopolitics was on display this week as House Speaker Nancy Pelosi visited the island, including a TSMC meeting, according to The Washington Post. China objected to the visit and began five days of live-fire military drills in areas near the country.

Sen. Chuck Shumer, a Democrat from New York and major backer of the legislation, last week called the bill "one of the largest investments in science, tech, and manufacturing in decades." It'll create jobs with good pay, help unclog supply chains, improve US security and lower costs for consumers pained by inflation, he tweeted.

Rep. Tim Ryan, an Ohio Democrat, was among those who urged passage of the bill on the House floor, raising the specter of an even more dominant China without the funding. "China is outmanufacturing us – semiconductors, communications equipment, electric vehicles, batteries," he said. "You look at all these boats out in California. They're not coming from Kansas. They're coming from China. If we don't reinvest and bring these supply chains back here, we're going to continue to lose."

The chip industry was born in the US, but consolidation squeezed dozens of high-tech companies out of the business, most recently AMD and IBM. That left Intel as the largest US chipmaker, but over the last decade, it struggled to advance its manufacturing technology to keep pace with Moore's Law.

Those struggles paved the way for the rise of TSMC in Taiwan and Samsung in South Korea, both of which make processors for other companies like Apple, Qualcomm, AMD, Nvidia and MediaTek through a foundry business. About 12% of chips are made in the US today, down from 37% in 1990, according to a 2021 Semiconductor Industry Association report.

The CHIPS Act would fund several suppliers of chipmaking equipment and materials, but arguably the biggest beneficiary are those who actually manufacture the processors by etching microscopically small electronic circuitry onto silicon wafers.

Intel Chief Executive Pat Gelsinger lauded the House and Senate votes. "This investment will shape the future of America's leadership in semiconductor manufacturing and innovation. We are excited to move full speed ahead to start building #IntelOhio," Gelsinger tweeted, referring to a new Intel chip manufacturing site. Intel canceled a groundbreaking ceremony earlier in July as part of its effort to push Congress to pass the CHIPS Act. Intel lost its technology lead to TSMC and Samsung and is suffering financially as it tries to claw its way back.

A new leading-edge chip fabrication plant, or fab, costs about $10 billion. Intel has said the CHIPS Act would cut about $3 billion off that price tag. It's investing heavily new new fabs in the US, including with $20 billion spending for a new "megafab" in Ohio that eventually could rise to $100 billion.

Spending $52.7 billion should help US processor manufacturing, but don't assume that'll mean a complete disconnection from Asia. The Boston Consulting Group expects it would cost $350 billion to $420 billion to create a self-sufficient semiconductor supply chain in the US. And that cost runs contrary to the capitalistic impulse to reward the least expensive suppliers.

But the idea behind the CHIPS Act is more independence from Asian manufacturing, not complete independence. And TSMC and Samsung, both building new fabs in the US, also could benefit.

To help ensure the CHIPS Act's passage after weeks of political machinations, sponsors reshaped the bill with funding for the National Science Foundation, National Institute of Standards and Technology, and Commerce Department for basic and applied research. Including that work, the legislation would appropriate $280 billion.

After a year of partisan wrangling that had left the bill stalled, the chip industry is now delighted with the progress. "The CHIPS Act will help usher in a better, brighter American future built on semiconductors, and we urge the president to swiftly sign it into law," the Semiconductor Industry Association said in a Thursday statement.

The CHIPS Act's investment tax credit and subsidies will be crucial steps to "bolster the semiconductor supply chain based in the United States and keep pace with industry incentives offered by other regions," said Ajit Manocha, chief executive of trade group Semi, in a statement last week.

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Is the Crypto Market Bouncing Back? Here's What You Need to Know

Is the Crypto Market Bouncing Back? Here's What You Need to Know

This story is part of Power Money Moves, CNET's coverage of smart money decisions for today's changing world.

In July, the cryptocurrency market bounced back to a $1 trillion market capitalization (the total dollar market value of crypto today) for the first time in recent months. But while the market looks healthier than just a couple of weeks ago, it's still far from last November's peak, which reached $3 trillion. In an economy with high inflation and recession risks looming, is crypto still a worthy investment?

After bullish highs in 2021, cryptocurrency dropped to pessimistic lows this year, tumbling into bear market territory which investors are dubbing another "crypto winter." The $2 trillion crypto market crash wiped out investor gains, cost thousands of people their jobs and obliterated once staple digital currencies, including the crypto token luna, which lost all of its value following stablecointerraUSD's collapse in May. 

While crypto is starting to trend upward, volatile highs and lows are nothing new in the crypto markets -- and skeptics have long characterized crypto as an empty bubble destined to burst. Critics have called bitcoin, stablecoins and NFTs simply a new digital version of an old con primed to swindle and scam. But investors see the world of digital coinage as a step forward, a kind of "Money 2.0" that will democratize finance and power the metaverse. Amid the seesawing prices and teetering sentiments, one thing hasn't changed: Cryptocurrency remains controversial, risky and wildly volatile. 

Read more: The World's Biggest NFT Festival vs. the Crypto Crash of 2022

In simple terms, cryptocurrency is a digital token, ownership of which is recorded on a blockchain, a distributed software ledger that no one controls. This is designed to make it more secure, in theory. bitcoin and ethereum are the two most widely known cryptocurrencies, but more than 18,000 tokens are traded under different names (dogecoin is one famous example). 

Despite gyrating prices and a relative lack of regulation, cryptocurrency is seen by many as the next financial frontier. Developments like President Joe Biden's desire to explore a digital US dollar to multimillion-dollar Super Bowl ads underscore a growing desire from powerful government and corporate institutions to quickly legitimize crypto in much the same way as stocks and bonds.

But it's worth considering whether cryptocurrency is a smart investment for you... especially in light of the current downturn and the ever-present potential for a major crash (in crypto and the US economy, generally).

"Cryptocurrency is one of those categories of investing that doesn't have those traditional investor protections," said Gerri Walsh, senior vice president of investor education at the Financial Industry Regulatory Authority. "They're outside the realm of securities trading. It's an area that's in flux, as far as regulations go."

Professionals caution that investors shouldn't put more than they can afford to lose into crypto, which offers few safeguards, plenty of pitfalls and a spotty track record. If you're thinking about adding crypto to your portfolio, here are five key questions to consider before you begin.

What are the risks of investing in crypto?

Before investing in crypto, you should know there's almost no protection for crypto investors. And since this virtual currency is extremely volatile and driven by hype, that's a problem. It's easy to get caught up in tweets, TikToks and YouTube videos touting the latest coin -- but the adrenaline rush of a market spike can easily be washed away with a dramatic crash.

You should be on the lookout for crypto scams. One often-used scheme is a pump and dump, in which scammers encourage people to buy a certain token, causing its value to rise. When it does, the scammers sell out, often pushing the price down for everyone else. These scams are prominent, and they took in more than $2.8 billion in crypto in 2021.

From the US government's current policy perspective, you're on your own. At this time, the government provides no deposit protection for crypto as it does for bank accounts. This may change following Biden's March executive order, which directed government agencies to investigate the risks and potential benefits of digital assets.

So far as we can tell, only one company offers crypto insurance: Breach Insurance, with a Crypto Shield offering that promises to cover your accounts from hacks. Other companies, such as Coincover, provide theft protection, which alerts you if there's suspicious activity on your account. Coincover maintains an insurance-backed guarantee that if its technology fails, it will pay you back up to the amount you're eligible for, which depends on the level of protection the wallet you use offers. (Neither Coincover nor Breach Insurance will cover you against scams.)

Despite all the hype, scams, periodic crashes (and persistent risks) in this market, Cesare Fracassi, who runs the Blockchain Initiative at the University of Texas, Austin, still thinks crypto has a viable future.

"I think crypto holds a possible solution to some of the problems of the traditional financial sector," Fracassi said. "The current, traditional financial system is noninclusive, it's slow and expensive and incumbents, including large banks and financial institutions, basically have a lot of control. I think crypto is a venue through which you can actually break the system."

How do I start investing in cryptocurrency?

If you're considering buying crypto now, as prices have dipped, it's worth noting that there's no guarantee the market will recover. But the simplest way to get your feet wet with crypto investments is to use US dollars to buy a cryptocurrency using a popular exchange like Coinbase, Binance or FTX. A handful of well-known payment apps — including Venmo, PayPal and Cash App — will let you buy and sell cryptocurrency, though they generally have limited functionality and higher fees. 

Whether you're using Coinbase, Binance, Venmo or PayPal, you'll be required to provide some sensitive personal and financial information... including an official form of identification. (So much for bitcoin's reputation for anonymous transactions.) 

Once your account is set up, it's simple to transfer money into it from your bank. And the barrier to entry is quite low: The minimum trade amount is $2 on Coinbase and $15 on Binance.

Read more: Best Bitcoin and Crypto Wallets for 2022

What percentage of my portfolio should be in crypto?

Crypto is so new, there isn't enough data yet to decide how much of your portfolio "should" be in cryptocurrency, according to Fracassi.

"We need decades of returns in order to understand whether a specific asset is good in a portfolio," Fracassi said. "We know that on average stocks return about 6% more than bonds. That's because we've had 60 to 100 years to see the average returns on stocks and bonds."

Like all investment decisions, how much you pour into crypto will depend on your risk tolerance. But investment professionals suggest that investors keep their exposure low, even for those who are all in on the technology. Anjali Jariwala, a certified financial planner and founder of Fit Advisors, recommends that clients allocate no more than 3% of their portfolio to crypto.

If I make money on crypto trades, do I have to pay taxes?

Yes. Whether you're buying, selling or exchanging crypto, the IRS wants to know about it. Your tax liability depends on your particular situation, but crypto investments are broadly treated like other investments, including stocks and bonds. 

You don't need to report crypto on your tax return if you didn't sell or exchange it for another type of crypto. Buying and holding also doesn't need to be reported. If you did sell or exchange crypto, though, you'll need to report any gains or losses realized, just like you would for stocks and bonds. 

Adding crypto trades won't make your tax return any easier. But popular tax software like TurboTax, CoinTracker and Koinly now connect with wallets and exchanges to automatically track your cryptocurrency holdings, sales and transfers.

Is there a way to learn about crypto without investing in the currencies themselves?

Buying tokens is the most straightforward approach to experimenting with cryptocurrencies. But other opportunities exist for exploring the crypto world while potentially protecting your money from seesawing swings. 

Here are a handful of alternatives:

Buy shares of crypto companies. Many companies in the crypto space are publicly traded. Buying shares of Coinbase Global or PayPal Holdings rather than of the coin itself allows you to benefit from the business proceeds of these companies, which are in part generated by crypto. You can also buy shares of companies that make crypto-related hardware, such as Nvidia and AMD.

Invest in crypto ETFs or derivatives.Specialized exchange-traded funds, or ETFs, are available for crypto. ETFs are baskets of securities, such as stocks, commodities and bonds, that follow an index or sector, in this case, crypto. Futures and options are also available for some crypto products, though these advanced types of investment vehicles come with their risks.

Get a job in crypto.LinkedIn, Indeed and Monster list thousands of jobs in crypto. Whether you've got a traditional finance background or you're a software engineer, there's a boom in the blockchain labor market. There's also Cryptocurrency Jobs, a job board dedicated to blockchain careers.

Whether you'll plunge into crypto waters is ultimately up to you, but bear in mind it isn't the only place to start your investing journey. And beyond crypto, there are other digital assets to consider, too, including NFTs. But if you do take the plunge, be sure to invest in a good wallet to keep your digital currency safe.

Read more: Air Travel Is More Expensive in 2022: Here Are Smart Ways to Save Money When You Fly 

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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