IRS Targets Crypto Gains

Hey there scroller🤳

Ready for another day’s headstart with some fresh news?

If your pal sent this to you, then subscribe to stay the most informed person in the room😉

BUSINESS & ECONOMY

🪙 IRS Sets New Rules for Crypto Tax Reporting

The IRS and the U.S. Department of Treasury have finalized new regulations requiring crypto platforms to report transactions starting in 2026. These rules, part of the 2021 Infrastructure Investment and Jobs Act, mandate standardized 1099 forms for taxable crypto gains. Decentralized platforms are exempt. IRS Commissioner Danny Werfel stated, “These final regulations will improve detection of noncompliance in the high-risk space of digital assets.”

📉 U.S. Deficit Matches Russia's Economy, Risks Worsening in 'Vicious' Loop

The U.S. federal deficit for 2024 is projected to be $1.9 trillion, nearly matching Russia's GDP of $2 trillion. Emergency spending for Ukraine and other allies contributed to the increase while rising interest rates could worsen the deficit as debt service costs climb. Former NY Fed President Bill Dudley warned, "The feedback loop here can be quite vicious." 

✈️ Boeing to Acquire Spirit Aero in $4.7 Billion Deal 

Boeing will repurchase Spirit AeroSystems for $4.7 billion in stock, regaining control of its former subsidiary after two decades. This move, prompted by recent 737 MAX quality issues, also sees Airbus acquiring Spirit's Europe-focused activities. Spirit CEO Pat Shanahan stated, "Bringing Spirit and Boeing together will enable greater integration of both companies' manufacturing and engineering capabilities." 

TOGETHER WITH ADQUICK

Modernize your marketing with AdQuick

AdQuick unlocks the benefits of Out Of Home (OOH) advertising in a way no one else has. Approaching the problem with eyes to performance, created for marketers with the engineering excellence you’ve come to expect for the internet.

Marketers agree OOH is one of the best ways for building brand awareness, reaching new customers, and reinforcing your brand message. It’s just been difficult to scale. But with AdQuick, you can easily plan, deploy and measure campaigns just as easily as digital ads, making them a no-brainer to add to your team’s toolbox.

Learn more now.

WORLD

🙏 Teen Carlo Acutis Becomes First Millennial Saint

Carlo Acutis, an Italian teenager who died of leukemia in 2006, is the first millennial saint recognized by the Catholic Church. Known as "God's influencer," he used technology to spread the faith. His sainthood follows two reported miracles, including a recovery from severe head trauma. Bishop Domenico Sorrentino described him as "an ordinary boy, living his childhood and youth between family, school, and games."  

🚀 North Korea Claims 'Super-Large Warhead' Missile

North Korea claims it test-fired a new tactical ballistic missile with a "super-large warhead," a statement doubted by South Korean officials who suspect a failed launch. The Hwasongpho-11 Da-4.5 missile supposedly has a range of up to 500 kilometers. South Korean Joint Chiefs of Staff spokesperson Lee Sung Joon stated, “We’re weighing a possibility of deception.”

SCIENCE & TECH

🗳️ Google to Require Disclosure for Altered Election Ads

Google will now require advertisers to disclose digitally altered election ads. This mandate, aimed at combating misinformation, demands marketers check an "altered or synthetic content" box in their campaign settings. The company will auto-generate disclosures for mobile feeds and shorts, and enforce prominent disclosures for other formats, responding to the rise of AI-generated deepfakes and misleading content.

📸 Instagram Changes ‘Made with AI’ Label to ‘AI Info’ After Photographer Backlash   

Meta updated Instagram’s "Made with AI" label to "AI info" after complaints from photographers about incorrect tagging. Former White House photographer Pete Souza noted that even manually taken photos were labeled due to metadata issues. The new label aims to clarify content modification rather than implying full AI generation. 

SPORTS & ENTERTAINMENT

🏀 Klay Thompson Joins Mavericks on 3-Year, $50M Deal

Klay Thompson, a free agent guard, has signed a three-year, $50 million deal with the Dallas Mavericks, leaving the Golden State Warriors after 13 years. The deal involves a multiteam sign-and-trade, sending Josh Green to the Hornets and draft picks to the Warriors. Thompson chose Dallas for a chance at another title. The Warriors stated, "His legacy will live on forever."

🏅 Thousands Urge Blocking Prince Harry's Veteran Sports Award

More than 30,000 people have signed a petition to stop Prince Harry from receiving the Pat Tillman Award for his work with the Invictus Games. Critics argue the award should go to someone who better embodies Tillman's values. Petition creator Patti Mickel emphasized, "The award should honor unwavering dedication to squad and country." Tillman's mother also questioned the choice, calling Harry "controversial and divisive."

🏃‍♂️ 16-Year-Old Quincy Wilson Becomes Youngest U.S. Male Track Olympian

16-year-old Quincy Wilson is set to compete in the Paris Olympics, making him the youngest American male track Olympian ever. Wilson, a rising high school junior, earned his spot on the 4x400 relay team after a strong performance at the U.S. Olympic trials. He celebrated on social media stating, "WE GOING TO THE OLYMPICS."

🚨 Former Kanye Employees Sue Over Racist Workplace and Unpaid Labor

Eight former employees, aged 14-17 from the U.S., U.K., Hungary, and Nigeria, are suing Ye (formerly Kanye West) and Milo Yiannopoulos for extreme racism, bullying, and unpaid labor. Filed on June 29 in California, the suit alleges harassment, discrimination, and exposure to pornography. They seek compensation for emotional distress and unpaid wages. Thigpen Legal stated, “Black and African employees were segregated.” 

OTHER NEWS

🛑 Mistrial Declared for Karen Read in Boyfriend's Death

Mistrial was declared in the case of Karen Read, accused of killing her boyfriend, Officer John O'Keefe, by drunkenly running him over. The jury couldn't reach a verdict after days of deliberation. Investigations included allegations of police cover-up. State Trooper Michael Proctor was relieved of duty due to offensive texts about Read. 

🛡️ Trump Seeks to Overturn Manhattan Conviction, Cites Immunity Decision

Donald Trump is attempting to overturn his Manhattan conviction, citing a recent Supreme Court decision that grants immunity for actions taken as president. His lawyers requested a delay in his July 11 sentencing, arguing the ruling impacts his case, raising significant legal questions and political implications. 

🔫 New York Police Shoot, Kill 13-Year-Old with Replica Handgun

New York police fatally shot 13-year-old Nyah Mway, who was carrying a replica handgun, during a pursuit following an armed robbery. Mway pointed the replica gun, resembling a Glock 17, at officers. Believing it to be real, Officer Patrick Husnay fired a single shot, hitting Mway in the chest. Chief Mark Williams stated, "The officers believed it was a real handgun."

🛑 Illegal Crossings at US-Mexico Border Hit 3-Year Low Under Biden

Illegal crossings at the U.S.-Mexico border fell to a three-year low in June, with Border Patrol processing 84,000 migrants, the lowest since Biden took office. This decline follows Biden's asylum restrictions and Mexico's efforts to curb migration. Andrew Selee, President of the Migration Policy Institute stated,“ In the short term, it has dissuaded some people.”

THIS DAY THAT YEAR

On July 12, 1962, American businessman Sam Walton opened the first Walmart store (then known as Wal-Mart) in Rogers, Arkansas. This marked the beginning of what would become the largest retail sales chain in the United States.

BRAIN TEASER

Two in a corner, 1 in a room, 0 in a house, but 1 in a shelter. What am I?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Friday’s teaser was:

I am made from milk and you like me spreading on the toast and pizza. What am I?

The answer is: Cheese

Thanks for scrolling with us! 

Catch up on what you missed by checking out our past issues here. And if you’re in the mood for more bite-sized, 60 words content nuggets? Check out our other daily newsletter.

Marketing Scroll: Get all the Marketing news that truly matters delivered to your inbox in 60-word quick reads, giving you everything in under 3 minutes a day! 

Want to share Daily Scroll with a Pal? Forward this email and invite them to join our community of savvy scroll-ers.

We'd love to hear your feedback on today's issue of Daily Scroll! Simply reply to this email and share your thoughts on how we can improve our content and format. 

Have a great day and see you Tomorrow🕺