CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Brian Sullivan shares a preview of his road trip across California in an electric vehicle, and how third party charging stations differ from Tesla's. Plus, the proposed infrastructure bill contains new crypto tax rules aimed at raising billions.
The cryptocurrency industry is lobbying hard this week against language in the Senate's bipartisan infrastructure bill proposal that could choke a vast amount of the crypto ecosystem.
Language in the bill would require crypto brokers to report customer information to the Internal Revenue Service. More importantly, over the weekend it broadened the definition of what's considered a "broker" to anyone "responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person" which doesn't exclude miners, software developers, stakers and other individuals in the crypto economy who don't have customers.
"The language gives a lot of power to define what should be included in the reporting requirement," Oppenheimer analyst Owen Lau. "It says any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person – which can mean anything. If I transfer bitcoin for you, then it can mean I become a broker."
Outdoor music festival Lollapalooza brought thousands of people to Chicago's Grant Park.
Photographs from Lollapalooza, which took place from Wednesday to Sunday, show large groups of un-masked concertgoers cheering in densely packed crowds. Organizers have not released official attendance numbers, but over 100,000 people were expected to attend each day of the four-day festival.
Lollapalooza's safety measures ahead of the event were straightforward: The festival required attendees to present their vaccination card indicating that they were fully or partially vaccinated. Unvaccinated individuals had to show proof of a negative Covid test within 72 hours of attending and wear a mask.