TNB Tech Minute: Justice Department Pulls Back on Crypto Enforcement
02:51 Share

Viking, committed to exploring the world in comfort. Journey through the heart of Europe on an elegant Viking longship with thoughtful service, cultural enrichment, and all-inclusive fares. Discover more at viking.com. Here's your TNB Tech Minute for Tuesday, April 8th. I'm Victoria Craig for The Wall Street Journal. The Justice Department under President Trump has done a 180 today on how it will enforce some rules for cryptocurrencies.

The DOJ will no longer bring cases against crypto exchanges, dealers, or wallet providers for the actions of end users on those platforms. In the past, prosecutors have charged digital currency companies whose services were used to launder money or used by people in countries like Iran that are under U.S. sanctions. In January, the president said he would support growth of the crypto industry, which has for years clashed with regulators over investor protection and illicit finance rules.

Elsewhere, the U.S. risks falling behind China in the race to develop biotechnology. That's according to a new report released today by a congressional commission on national security and emerging biotech. It recommends that Congress invest at least $15 billion to support U.S. biotech research over the next five years and boosting support for American manufacturing. It also says U.S. companies should be barred from working with Chinese biotech suppliers.

The country has long provided drug ingredients and generic medicines to the U.S. and copied versions of Western-developed drugs. More recently, Western venture capital funds have been investing in Chinese biotech startups, and pharmaceutical giants are buying and licensing drugs developed and tested in China.

Finally, despite a jump early in today's trading session, the tech-heavy Nasdaq ended down 2 percent, notching its biggest reversal in more than 40 years. That followed a similar pattern for other indices on Wall Street today. Investors were optimistic early in the session about President Trump's willingness to negotiate with other countries on tariff rates.

But comments from the U.S. trade representative made clear the president won't provide exemptions for individual products and companies. Apple dropped nearly 5 percent, while others in the Magnificent Seven cohort suffered less severe declines. For a deeper dive into what's happening in tech, check out Wednesday's Tech News Briefing podcast.

Americans love using their credit cards, the most secure and hassle-free way to pay. But D.C. politicians want to change that with the Durbin Marshall Credit Card Bill. This bill lets corporate megastores pick how your credit card is processed, allowing them to use untested payment networks that jeopardize your data security and rewards. Corporate megastores will make more money, and you pay the price. Tell Congress to guard your card.

Because Americans lose when politicians choose. Learn more at GuardYourCard.com.