An anonymous reader quotes a report from Reuters: Climate change, the rapid growth of "stablecoins" and financial innovations that led to frenzied trading of GameStop shares early this year are threats to the U.S. financial system that merit closer scrutiny, a Treasury Department-led regulatory panel said on Friday. In its annual report, the Financial Stability Oversight Council (FSOC) added that while the U.S. economy has improved since the onset of the COVID-19 pandemic, risks to the financial system are higher than prior to the health crisis, with the outlook for global growth still uncertain.

The report marked the first time the body, which was created in the wake of the 2007-2009 financial crisis to spot looming threats, has flagged climate change as a major risk, reflecting President Joe Biden's push to address rising global temperatures. The FSOC, which comprises the Treasury and other financial regulators, said the physical risks posed by more frequent severe weather events and government policies transitioning away from carbon-heavy industry could dent asset values and weaken institutions, it wrote, echoing an October FSOC paper. "If these changes occur in a disorderly way owing to substantial delays in action or abrupt changes in policy, their impact is likely to be more sudden and disruptive," the FSOC said.

Similarly, the body reiterated concerns flagged in November that stablecoins, a fast-growing type of digital asset pegged to traditional currencies, could become a threat if widely adopted. While that market is currently only worth about $127 billion, its market value has ballooned more than 500% over the past 12 months and may be vulnerable to runs if investors lose confidence in the asset class's reliability, the FSOC said. The body also noted a surge of volatility earlier this year sparked by retail investors, who coordinated on social media and used zero-commission trading apps to fuel sharp rises in a handful of stocks, including videogame maker GameStop. The episode suggested financial innovations and social media are changing market participation, raising the risk of sudden asset price movements unrelated to fundamental news. That "could represent a vulnerability if they lead to cascading impacts by causing asset liquidations or putting stress on financial institutions," the FSOC wrote.

Verizon has sent an email to customers to let them know they're getting opted in to its Custom Experience data collection scheme after reports came out about it being turned on by default for some users. From a report: If you (understandably) trashed the email without reading it, the TL;DR is that Verizon's program collects data about your apps and web browsing activity to help "provide you more personalized experiences with Verizon." But of course, Verizon says, you have a choice -- you can turn it off anytime because your privacy is important to it (though not important enough to make the program opt-in instead of opt-out). Custom Experience is a sort of spin-off / successor / rebrand of Verizon Selects, which people were enrolled into when they used the Verizon Up rewards program. Verizon Selects has now been rebranded as Custom Experience Plus, while the Custom Experience with a few limits on tracking is rolling out to most customers who don't actively opt out. Verizon is letting its customers know about the program through emails, like one a member of The Verge's staff received, and texts like this one a reader says they got. The email promises that "you're in control," saying that you can opt out within the next 30 days before the Custom Experience is turned on for your line.

Controversial facial recognition company, Clearview AI, which has amassed a database of some 10 billion images by scraping selfies off the Internet so it can sell an identity-matching service to law enforcement, has been hit with another order to delete people's data. From a report: France's privacy watchdog said today that Clearview has breached Europe's General Data Protection Regulation (GDPR). In an announcement of the breach finding, the CNIL also gives Clearview formal notice to stop its "unlawful processing" and says it must delete user data within two months. The watchdog is acting on complaints against Clearview received since May 2020. The US company does not have an established base in the EU -- meaning its business is open to regulatory action across the EU, by any of the bloc's data protection supervisors. So while the CNIL's order only applies to data it holds on people from French territories -- which the CNIL estimates covers "several" tens of millions of Internet users -- more such orders are likely from other EU agencies.

The explosion of rug pulls in the decentralized finance (DeFi) ecosystem over the past year helped to propel revenue from crypto scams to $7.7 billion in 2021, according to blockchain data firm Chainalysis. From a report: Per Chainalysis' 2022 Crypto Crime Report, revenues from crypto scams in 2021 were up 81% on the previous year, with rug pulls accounting for 37% of all crypto scam revenue -- up from 1% in 2020. In all, rug pulls -- in which developers build a seemingly legitimate crypto project and then abscond with investors' money -- accounted for more than $2.8 billion worth of stolen crypto in 2021. Chainalysis highlighted the fact that code audits -- which would catch the vulnerabilities that enable fraudulent DeFi projects to drain their liquidity pools -- are not required to list a project on decentralized exchanges (DEXs), hence their prevalence in the DeFi sector.

An anonymous reader quotes a report from the Electronic Frontier Foundation: On December 1, hours before Texas' social media law, HB 20, was slated to go into effect, a federal court in Texas blocked it for violating the First Amendment. Like a similar law in Florida, which was blocked and is now pending before the Eleventh Circuit Court of Appeals, the Texas law will go to the Fifth Circuit. These laws are retaliatory, obviously unconstitutional, and EFF will continue advocating that courts stop them. In October, EFF filed an amicus brief against HB 20 in Netchoice v. Paxton, a challenge to the law brought by two associations of tech companies. HB 20 prohibits large social media platforms from removing or moderating content based on the viewpoint of the user. We argued, and the federal court agreed, that the government cannot regulate the editorial decisions made by online platforms about what content they host. As the judge wrote, platforms' right under the First Amendment to moderate content "has repeatedly been recognized by courts." Social media platforms are not "common carriers" that transmit speech without curation.

Moreover, Texas explicitly passed HB 20 to stop social media companies' purported discrimination against conservative users. The court explained that this "announced purpose of balancing the discussion" is precisely the kind of government manipulation of public discourse that the First Amendment forbids. As EFF's brief explained, the government can't retaliate against disfavored speakers and promote favored ones. Moreover, HB 20 would destroy or prevent the emergence of even large conservative platforms, as they would have to accept user speech from across the political spectrum. HB 20 also imposed transparency requirements and user complaint procedures on large platforms. While these kinds of government mandates might be appropriate when carefully crafted -- and separated from editorial restrictions or government retaliation -- they are not here. The court noted that companies like YouTube and Facebook remove millions of pieces of user content a month. It further noted Facebook's declaration in the case that it would be "impossible" to establish a system by December 1 compliant with the bill's requirements for that many removals. Platforms would simply stop removing content to avoid violating HB 20 -- an impermissible chill of First Amendment rights.

Clear Secure, an identification services company known for its expedited screening product for air travelers, is bringing its biometric sign-up scanners to locations beyond airports. The Wall Street Journal reports: The company has temporarily installed the biometrics machines this month inside a Showfields Inc. interactive mall and at a Rimowa Distribution Inc. luggage store in New York City as well as a Rimowa in San Francisco. Clear's main product, Clear Plus, checks travelers' identities at airport security using biometrics such as iris scans, and lets them skip the wait for agents to check their photo IDs. Enrollment typically begins online but customers usually must go to a Clear airport location to scan their biometrics. Annual memberships cost $179.

Clear created the temporary installations to showcase its technology more widely and to expose consumers to its products beyond travel, said Caryn Seidman Becker, chief executive of the company. Other products include Clear Stadium Access, a product that lets people skip long lines at sports and entertainment venues. The pop-ups are also offering Clear gift cards, a first for the company. The company also wanted to address pent-up demand from consumers who traveled less during the pandemic, Ms. Seidman Becker said.

Major U.S. air carriers warned on Wednesday that plans by AT&T and Verizon to use spectrum for 5G wireless services could be highly disruptive to air travel and cost air passengers $1.6 billion annually in delays. Reuters reports: Trade group Airlines for America (A4A) said if a new Federal Aviation Administration (FAA) directive for addressing potential interference from wireless transmissions had been in effect in 2019 "approximately 345,000 passenger flights, 32 million passengers, and 5,400 cargo flights would have been impacted in the form of delayed flights, diversions, or cancellations." At a hearing Wednesday, senators urged airlines to work to find a resolution. United Airlines CEO Scott Kirby said the 5G wireless issue "is the biggest and most damaging potential issue facing us. We want nothing more than to work to a solution." Southwest Airlines Chief Executive Gary Kelly said the FAA directive "would significantly impact our operations once it is deployed on Jan. 5." The wireless carriers are set to begin using the spectrum in just three weeks. Last week, the FAA issued new airworthiness directives warning interference from 5G wireless spectrum could result in flight diversions.

The aviation industry and FAA have raised significant concerns about potential interference of 5G with sensitive aircraft electronics like radio altimeters. In November, AT&T and Verizon agreed to delay the commercial launch of C-band wireless service until Jan. 5 after the FAA raised concerns. They also adopted precautionary measures for six months to limit interference. The FAA directives order revising airplane and helicopter flight manuals to prohibit some operations requiring radio altimeter data when in the presence of 5G C-Band wireless broadband signals. Aviation industry groups said they were insufficient to address air safety concerns. FCC Chairwoman Jessica Rosenworcel, who did not immediately comment on the airlines' analysis, has said she believes the issues can be resolved and spectrum safely used.

schwit1 shares a report from the Financial Times: The US Treasury will put DJI and the other groups on its Chinese military-industrial complex companies blacklist on Thursday (Warning: source may be paywalled; alternative source), according to two people briefed on the move. US investors are barred from taking financial stakes in the 60 Chinese groups already on the blacklist. The measure marks the latest effort by President Biden to punish China for its repression of Uyghurs and other Muslim ethnic minorities in the north-western Xinjiang region.

The other Chinese companies that will be blacklisted on Thursday include Megvii, SenseTimes main rival that last year halted plans to list in Hong Kong after it was put on a separate US blacklist, and Dawning Information Industry, a supercomputer manufacturer that operates cloud computing services in Xinjiang. Also to be added are CloudWalk Technology, a facial recognition software company, Xiamen Meiya Pico, a cyber security group that works with law enforcement, Yitu Technology, an artificial intelligence company, Leon Technology, a cloud computing company, and NetPosa Technologies, a producer of cloud-based surveillance systems. DJI and Megvii are not publicly traded, but Dawning Information, which is also known as Sugon, is listed in Shanghai, and Leon, NetPosa and Meiya Pico trade in Shenzhen. All eight companies are already on the commerce department's "entity list," which restricts US companies from exporting technology or products from America to the Chinese groups without obtaining a government license.

An anonymous reader quotes a report from Insider: House Speaker Nancy Pelosi on Wednesday rejected the idea of barring members of Congress and their spouses from holding or trading individual stocks while in office. "We are a free-market economy. They should be able to participate in that," Pelosi said when asked by Insider at her weekly press conference. Insider also asked Pelosi about Conflicted Congress, a five-month-long investigation by Insider that found that 49 members of Congress and 182 senior congressional staffers had violated the STOCK Act, a law to prevent Insider trading. The speaker said she hadn't yet seen the project, but added that it's important that members comply with the law. "If people aren't reporting, they should be," she said. Pelosi's position put her at odds with progressives such as Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, both of whom have called for barring members of Congress from trading stocks while in office. Earlier this year, NPR found that TikTok users have been watching financial disclosures of sitting members of Congress to help them determine which stocks to invest in. House Speaker Nancy Pelosi's stock trading disclosures in particular were "a treasure trove," according to some TikTok users.

"Shout out to Nancy Pelosi, the stock market's biggest whale," said user 'ceowatchlist.' Another said, "I've come to the conclusion that Nancy Pelosi is a psychic," while adding that she is the "queen of investing." "She knew," declared Chris Josephs, analyzing a particular trade in Pelosi's financial disclosures. "And you would have known if you had followed her portfolio." The report notes that the trades Josephs noticed were actually made by Pelosi's investor husband.

According to the New York Times, China is recruiting YouTubers to report on the country in a positive light and counter the West's increasingly negative perceptions. "The videos have a casual, homespun feel. But on the other side of the camera often stands a large apparatus of government organizers, state-controlled news media and other official amplifiers -- all part of the Chinese government's widening attempts to spread pro-Beijing messages around the planet," the report says. "State-run news outlets and local governments have organized and funded pro-Beijing influencers' travel, according to government documents and the creators themselves. They have paid or offered to pay the creators. They have generated lucrative traffic for the influencers by sharing videos with millions of followers on YouTube, Twitter and Facebook." An anonymous reader shares an excerpt from Techdirt, which summarizes the Times' findings: Typically, the Chinese government support comes in the form of free organized trips around China, particularly in Xinjiang. By showing the influencers a carefully sanitized image of life in the country, the authorities don't need to worry about negative stories. They simply make it easy for the YouTubers to present images of jolly peasants and happy city-dwellers, because that's all they are allowed to see. One of the authors of the New York Times piece, Paul Mozur, noted on Twitter another important way that the authorities are able to help their influencer guests. Once produced, the China-friendly videos are boosted massively by state media and diplomatic Facebook and Twitter accounts: "One video by Israeli influencer Raz Gal-Or portraying Xinjiang as 'totally normal' was shared by 35 government connected accounts with a total of 400 million followers. Many were Chinese embassy Facebook accounts, which posted about the video in numerous languages."

A new report from the Australian Strategic Policy Institute, "Borrowing mouths to speak on Xinjiang," has some more statistics on this practice: "Our data collection has found that, between January 2020 and August 2021, 156 Chinese state-controlled accounts on US-based social media platforms have published at least 546 Facebook posts, Twitter posts and shared articles from [China Global Television Network], Global Times, Xinhua or China Daily websites that have amplified Xinjiang-related social media content from 13 influencer accounts. More than 50% of that activity occurred on Facebook." Mozur says that the use of Western influencers in this way also allows employees of Beijing-controlled media, like the journalist Li Jingjing, to present themselves as independent YouTubers. On Twitter, however, she is labeled as "China state-affiliated media." The Australian Strategic Policy Institute sees this as part of a larger problem (pdf): "labelling schemes adopted by some video-sharing and social media platforms to identify state-affiliated accounts are inconsistently applied to media outlets and journalists working for those outlets. In addition, few platforms appear to have clear policies on content from online influencers or vloggers whose content may be facilitated by state-affiliated media, through sponsored trips, for example."

According to Mozur, China's state broadcaster is actively looking for more influencers, offering bonuses and publicity for those who sign up. In the US, China's consulate general is paying $300,000 to a firm to recruit influencers for the Winter Olympics, ranging from Celebrity Influencers with millions of Instagram or TikTok followers, to Nano Influencers, with merely a few thousand. The ultimate goal of deploying these alternative voices is not to disprove negative stories appearing in Western media, but something arguably worse, as the New York Times report explains: "China is the new super-abuser that has arrived in global social media," said Eric Liu, a former content moderator for Chinese social media. "The goal is not to win, but to cause chaos and suspicion until there is no real truth."

Federal Reserve Chairman Jerome Powell said Wednesday that he doesn't view cryptocurrencies as a "financial stability concern." From a report: Cryptocurrencies "are really speculative assets," Powell said in a press conference Wednesday after the Fed said it would accelerate the pace of its tapering of bond purchases and penciled in three hikes of its benchmark interest rate next year. However, "I don't see them [cryptocurrencies] as a financial stability concern at the moment," Powell said. "I do think they are risky, they're not backed by anything. And I think there's a big consumer issue for consumers who may or may not understand what they're getting."

Powell also highlighted the role of stablecoins, and said he supported the views expressed in the President's Working Group's report, which called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks. "Stablecoins can certainly be a useful, efficient consumer serving part of the financial system if they're properly regulated," Powell said. "And right now they aren't. And they have the potential to scale particularly if they were to be associated with one of the very large tech networks that exist," Powell added.

Representatives of Mitto have told clients that co-founder and Chief Operating Officer Ilja Gorelik is no longer involved at the company, following allegations that he operated a secret surveillance service that helped governments track mobile phones, Bloomberg News reported, citing three people familiar with the matter. From the report: Mitto, a closely held company with headquarters in Zug, Switzerland, works with telecom operators in more than 100 countries to provide automated text messaging services to some of the world's largest technology companies, including Google, Twitter and WhatsApp, helping them deliver security codes users need to log in to online accounts. But a Bloomberg News investigation, carried out in collaboration with the London-based Bureau of Investigative Journalism, reported last week that Gorelik had sold access to Mitto's networks to secretly locate people via their mobile phones. It's not known whether Gorelik's status at the company has changed on a permanent or temporary basis, nor is it clear if Gorelik left of his own accord. Mitto and Gorelik didn't respond to requests for comment. Gorelik is still listed on Mitto's website as a member of the company's leadership team, and Swiss business records, which name Gorelik as a board member, haven't been updated.

Apple has quietly nixed all mentions of CSAM from its Child Safety webpage, suggesting its controversial plan to detect child sexual abuse images on iPhones and iPads may hang in the balance following significant criticism of its methods. From a report: Apple in August announced a planned suite of new child safety features, including scanning users' iCloud Photos libraries for Child Sexual Abuse Material (CSAM), Communication Safety to warn children and their parents when receiving or sending sexually explicit photos, and expanded CSAM guidance in Siri and Search. Following their announcement, the features were criticized by a wide range of individuals and organizations, including security researchers, the privacy whistleblower Edward Snowden, the Electronic Frontier Foundation (EFF), Facebook's former security chief, politicians, policy groups, university researchers, and even some Apple employees.

An anonymous reader quotes a report from The Hill: PowerPoint presentations from Chinese telecommunications giant Huawei Technologies indicate that the company has a larger role in China's surveillance efforts than was previously known, according to The Washington Post. The Post reviewed over 100 Huawei PowerPoint presentations, many of them labeled "confidential," in which the company detailed how the government could use its technologies to identify voices, track people for political purposes and monitor the movements of inmates within prisons, among other surveillance tactics.

While the Post could not confirm who the presentations were shown to, the newspaper said that PowerPoints detailing surveillance tactics specific to government agencies -- such as slides appearing to refer to China's controversial prison reeducation and labor programs -- may have been intended for government audiences. While China's Communist Party depends on tools such as facial recognition to find dissenters, it has warned tech companies like Huawei against misusing the technology in the private sector, the Post said. "Huawei has no knowledge of the projects mentioned in the Washington Post report," the company said in a statement to the Washington Post. "Like all other major service providers, Huawei provides cloud platform services that comply with common industry standards."

An anonymous reader quotes a report from The Washington Post: The U.S. Postal Service pursued a project to build and secretly test a blockchain-based mobile phone voting system before the 2020 election (Warning: may be paywalled; alternative source), experimenting with a technology that the government's own cybersecurity agency says can't be trusted to securely handle ballots. The system was never deployed in a live election and was abandoned in 2019, Postal Service spokesman David Partenheimer said. That was after cybersecurity researchers at the University of Colorado at Colorado Springs conducted a test of the system during a mock election and found numerous ways that it was vulnerable to hacking.

The project appears to have been conducted without the involvement of federal agencies more closely focused on elections, which were then scrambling to make voting more secure in the wake of Russian interference in the 2016 contest. Those efforts focused primarily on using paper ballot so the voter could verify their vote was recorded accurately and there would be a paper trail for auditors -- something missing from any mobile phone or Internet-based system. The project appears to have been conducted without the involvement of federal agencies more closely focused on elections, which were then scrambling to make voting more secure in the wake of Russian interference in the 2016 contest. Those efforts focused primarily on using paper ballot so the voter could verify their vote was recorded accurately and there would be a paper trail for auditors -- something missing from any mobile phone or Internet-based system.

The Postal Service system allowed people to cast votes on an Internet-connected mobile app similar to how they might add items to an online shopping cart or fill out an online survey. The votes were designed to be anonymous and to be recorded in multiple digital locations simultaneously. The idea is that each of those digital records would act as a check to verify the accuracy of the other records. This is essentially the same method that cryptocurrencies such as bitcoin use to ensure transactions are accurately recorded. But the system didn't protect against the numerous ways hackers might fake or corrupt votes, the University of Colorado researchers said. Those include impersonating voters, attacking the blockchain system itself so votes can't be trusted, flooding the system with information so it becomes too overwhelmed to function, and using techniques that undermine voters' privacy and the secrecy of the ballot. The researchers were able to successfully perform all those hacks during a mock election held on campus. "The Postal Service was awarded a public patent for the concept in August 2020, but had not previously revealed that it built a prototype system or tested it," the report notes.

Ukrainian law enforcement arrested 51 suspects believed to have been selling stolen personal data on hacking forums belonging to hundreds of millions worldwide, including Ukraine, the US, and Europe. BleepingComputer reports: "As a result of the operation, about 100 databases of personal data relevant for 2020-2021 were seized," the Cyberpolice Department of the National Police of Ukraine said. "The seized databases contained information on more than 300 million citizens of Ukraine, Europe and the United States."

Following this large-scale operation, Ukrainian police also shut down one of the largest sites used to sell personal information stolen from both Ukrainians and foreigners (the site's name was not revealed in the press release). On the now shutdown illegal marketplace, suspects were selling a wide range of stolen personal data, including telephone numbers, surnames, names, addresses, and, in some cases, vehicle registration info. "A total of 117 searches were conducted in different regions of Ukraine. As a result, more than 90,000 gigabytes of information were removed."

The White House is hoping to spur a major technological overhaul of government services with a new executive order President Biden will sign Monday. From a report: The order directs 17 government agencies to modernize the way they deliver critical services to Americans, including by bringing more of those services online. "We looked at the points of greatest friction for people with their government -- filing taxes, applying for social security benefits, waiting in TSA lines -- and focused on ways to reduce that friction," Neera Tanden, senior adviser to the president, said on a call with reporters Monday. Tanden said the administration is focused on reducing the "time tax" on Americans.

The executive order focuses on agencies that have the most interactions with individuals and lays out more than 30 specific updates they need to make, from allowing Americans to renew their passports online to allowing disaster victims to submit photos of damage via their mobile phones. "All of these actions are near term in nature, meaning that they will generally be completed in the coming months, within one year," said Jason Miller, deputy director of management at the Office of Management and Budget.

A media lobbying group wants to see tech platforms reigned in with stronger antitrust laws. But the group's president tells the New York Times the biggest force supporting the status quo is hyperpartisanship.

The Times reports: The lack of regulation of technology companies is not because elected officials don't understand the internet. That used to be the case, and it helps explain why they have been so slow with oversight measures. Now, though, new questions about technology get mapped onto increasingly intractable political divides. Without the distractions of bizarre questions, what's left is the naked reality that the parties are deeply at odds over how to protect consumers and encourage businesses. Dozens of bills to strengthen privacy, encourage competition and quell misinformation have stalled because of a basic disagreement over the hand of government on businesses.

"Congress has again shown it's all bark and no bite when it comes to regulating Big Tech," said Jeffrey Chester, the executive director of the Center for Digital Democracy, a nonprofit consumer advocacy group, adding: "We've made no progress for decades."

The cost of the government's long education on tech is that regulation is increasingly out of reach. In April 2018, 14 years after founding thefacebook.com and more than five years after Facebook surpassed 1 billion users, Mark Zuckerberg appeared for the first time before Congress... [D]espite bipartisan agreement that tech companies have run roughshod and deserve more oversight, none of the bills discussed in those hearings four years ago have been passed. Turns out, holding a hearing that humbles the most powerful business executives in the world is much easier than legislating. Very bright lines of partisan disagreements appear when writing rules that restrict how much data can be collected by platforms, whether consumers can sue sites for defamation, and whether regulators can slow the march of dominance of Amazon, Apple, Google and Facebook.
The Times points out that, just for example, when it came to the possibility of regulating cryptocurrency, "the divides on regulation broke down along party lines" Wednesday after six crypto executives testified before a House committee. Democrats warned that the fast-growing industry needed clearer oversight. "Currently, cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital assets space vulnerable to fraud, manipulation and abuse," said Representative Maxine Waters, the Democrat of California who chairs the committee. Other Democrats expressed similar caution....

Republicans hewed to their free-market stripes at the crypto hearing. Representative Pete Sessions, Republican of Texas, told the crypto executives that he was in favor of their work and that regulations the industry has embraced may go too far. Representative Ted Budd, Republican of North Carolina, worried that lawmakers could push innovation in financial technology out of the United States.

"The Federal Aviation Administration said on Friday that it was ending a program that awarded small gold pins called 'Commercial Space Astronaut Wings' to certain people who flew to space on private spacecraft," reports the New York Times. (Alternate URL here.) But before the program officially retires in January, all who applied for the gold wings after flying to space this year will still receive them, the agency said.

That means Mr. Bezos, the billionaire founder of Amazon who rode a rocket with his space company, Blue Origin, to the edge of space in July, will be considered a commercial astronaut. So will Richard Branson, the founder of the space tourism firm Virgin Galactic who flew his own company's rocket plane to space in the same month. William Shatner, the Star Trek star who flew with Blue Origin to the edge of space in October, will also receive astronaut wings to go with his Starfleet paraphernalia. Twelve other people were also added to the federal agency's list of wing recipients on Friday [bringing the list up to 30 people].

The changes will help the F.A.A. avoid the potentially awkward position of proclaiming that some space tourists are only passengers, not astronauts.

The Commercial Space Astronaut Wings Program was created by Patti Grace Smith, the first chief of the F.A.A.'s commercial space office, to promote the private development of human spaceflight — a mandate from a 1984 law that aimed to accelerate innovation of space vehicles. The program began handing out pins to qualified individuals in 2004, when Mike Melvill, a test pilot who flew the Scaled Composites SpaceShipOne plane, became its first recipient. To qualify for the commercial astronaut wings under the original guidelines, a person had to reach an altitude of at least 50 miles, the marker of space recognized by NASA and the U.S. Air Force, and be a member of the spacecraft's "flight crew..."

Although no one will receive the little gold pins after 2021, those who fly above 50 miles on an F.A.A.-licensed rocket will be honored in the agency's online database.

But future space tourists should not despair a lack of post-flight flair. Virgin Galactic, Blue Origin and SpaceX have each presented paying and guest passengers with custom-designed wings.
Or, as the Associated Press put it, "The FAA said Friday it's clipping its astronaut wings because too many people are now launching into space and it's getting out of the astronaut designation business entirely...." "The U.S. commercial human spaceflight industry has come a long way from conducting test flights to launching paying customers into space," the FAA's associate administrator Wayne Monteith said in a statement. "Now it's time to offer recognition to a larger group of adventurers daring to go to space."
Thanks to long-time Slashdot reader schwit1 for submitting the story.

In 2013 a British man accidentally threw away a hard drive that contained 7,500 bitcoin. Today it'd be worth over $350 million, reports CNBC: His name is James Howells. He's an IT worker from Wales... He once told NBC News, "It is soul-destroying, to be honest... Every second of the day I am thinking about what could've been." In a last-ditch effort earlier this year, Howells offered his local town tens of millions of dollars to help him find it.
By "find it," he means "digging through his local dump" (where the hard drive ended up). The New Yorker reported that this spring Howell finally got a meeting with two city officials, one of whom was responsible for the city's waste and sanitation services. But after he'd delivered his home-made PowerPoint presentation over Zoom, he says their response was, "You know, Mr. Howells, there is absolutely zero appetite for this project to go ahead within Newport City Council." When the meeting ended, she said that she would call him if the situation changed. Months of silence followed. (A spokesperson for the city council told me that the official permit for the site does not allow "excavation work....")

"The total area we want to dig is two hundred and fifty metres by two hundred and fifty metres by fifteen metres deep," Howells told me, with excitement. "It's forty thousand tons of waste. It's not impossible, is it?"
The New Yorker also reports that in mid-November Howells got a second response from the local city officials — declining to authorize his landfill digging yet again, calling it "environmentally risky."

The incident raises the question as to whether there should be a better way to recover lost cryptocoins — but Howells himself remains opposed to that. So meanwhile Howells keeps checking a phone app telling him how much his bitcoin would be worth if he hadn't thrown away the hard drive.

One day, he watched its value swing by $20 million.