Snap Launching Standalone iOS Video Editing App

Snap, the firm behind Snapchat, announced a new iOS app called Story Studio that will launch later this year. It will provide editing tools, including AR Lenses that are designed specifically for mobile editing and vertical videos.

The app will pull data from Snapchat and its new Spotlight feature, more familiarly recognized as its TikTok competitor, to help people figure out how and what to make. They can look through Snapchat insights, like what’s trending on the app across sounds, hashtags, and lenses. Lenses will be built directly into Story Studio, as well as Snapchat Sounds and stickers, so editors can add those. Of course, like most other video editing apps, users can trim their videos and edit frame by frame. They can then share directly to Snapchat through a built-in button, or download their work to publish in other apps. Notably, content made in Story Studio won’t include a watermark, meaning if it’s published on other platforms, like Instagram’s Reels, it won’t be demoted by the algorithm.

Using an M1 iPad Pro for Photography

Photographer Austin Mann recently published a review of the M1 iPad Pro, specifically in how it can be used in photography.

As any photographer knows, one of the most time-consuming parts of the photo creation process is culling through thousands of images, making selects, and editing the images. Thanks to the M1 chip, faster internal storage, and a few other improvements, the new iPad Pro with M1 is the fastest image sorting tool I’ve ever used.

Treasury Department Wants Mandatory Reporting for Crypto Transfers Over $10K

The U.S. Treasury Department wants new rules [PDF] to make it easier to track how cryptocurrency moves around. Businesses would also be required to report cryptocurrency transactions above US$10,000 to the IRS.

According to the report, the IRS collects 99 percent of taxes due on wages, but that number is estimated to be as low as 45 percent on non-labor income, a discrepancy that hugely benefits high earners with “less visible” income sources. The Treasury calls virtual currency, which has some reporting requirements but still operates mostly out of sight in regulatory grey areas, a particular challenge.

Ultimately, I think this is good for cryptocurrency because it gains legitimacy with moves like this.