In a shareholder letter, Dorsey said he expects other companies to follow suit soon and reduce headcount in the wake of AI advancements. Update (Feb.27, 1:25 Am UTC): This article has been updated to include more information on Block’s job cuts and earnings results. Jack Dorsey’s payments company Block is set to cut around 40% of its staff in a major shake-up, a decision the co-founder attributed to the rapid acceleration of AI at the company. “We're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company, and that's accelerating rapidly,” wrote Dorsey in a letter to the company, which he shared on X. Read more
Bitcoin bulls are chasing after $70,000 but cautious signals from the futures and derivatives market could explain why success remains elusive. Key takeaways: Bitcoin derivatives show persistent fear despite the current rally toward $70,000, as seen by futures premiums being pinned well below neutral levels. The markets’ cautious stance stems from broad risk-aversion and lingering concerns over institutional BTC liquidations and Bitcoin network security. Read more
The industry-supported Promoting Innovation in Blockchain Development Act could be a solution by Congress to push back against criminalizing writing code. A bipartisan group of lawmakers in the US House of Representatives has introduced legislation aimed at halting prosecution of software developers who do not have custody or control of others’ crypto assets. In a Thursday notice, Representatives Scott Fitzgerald, Ben Cline and Zoe Lofgren said that they would be sponsoring the Promoting Innovation in Blockchain Development Act in an effort to change how to handle criminal cases potentially involving blockchain developers. The bill would clarify that Section 1960 under US federal law, on the “prohibition of illegal money transmitting businesses,” would apply only to actors with control of others’ digital assets. Read more