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Crypto Czar David Sacks Says NFTs and Memecoins Are Collectibles, Not Securities

3 months 2 weeks ago
Non-fungible tokens and memecoins are neither securities nor commodities, according to White House crypto czar David Sacks. Instead, he defines them as "collectibles." From a report: "It's like a baseball card or a stamp," Sacks said in an interview with Fox Business on Thursday, referencing Trump's explosively popular memecoin. "People buy it because they want to commemorate something." The famous venture capitalist's comments touched on a long-running debate about the crypto industry in general: how exactly to treat different digital assets. Some argue that digital assets are securities, which are tradable financial assets like stocks. But others say they're commodities, or raw materials that can be bought and sold, like gold and wheat. The classification differences have vast regulatory implications. "There's a few different categories here, so defining the market structure is important," said Sacks.

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Apple Enlists Veteran Software Executive To Help Fix AI and Siri

3 months 2 weeks ago
An anonymous reader quotes a report from Bloomberg: Apple executive Kim Vorrath, a company veteran known for fixing troubled products and bringing major projects to market, has a new job: whipping artificial intelligence and Siri into shape. Vorrath, a vice president in charge of program management, was moved to Apple's artificial intelligence and machine learning division this week, according to people with knowledge of the matter. She'll be a top deputy to AI chief John Giannandrea, said the people, who asked not to be identified because the change hasn't been announced publicly. The move helps bolster a team that's racing to make Apple a leader in AI -- an area where it's fallen behind technology peers. [...] Vorrath, who has spent 36 years at Apple, is known for managing the development of tough software projects. She's also put procedures in place that can catch and fix bugs. Vorrath joins the new team from Apple's hardware engineering division, where she helped launch the Vision Pro headset. Over the years, Vorrath has had a hand in several of Apple's biggest endeavors. In the mid-2000s, she was chosen to lead project management for the original iPhone software group and get the iconic device ready for consumers. Until 2019, she oversaw project management for the iPhone, iPad and Mac operating systems, before taking on the Vision Pro software. Haley Allen will replace Vorrath overseeing program management for visionOS, the headset's operating system, according to the people. Prior to joining Giannandrea's organization, Vorrath had spent several weeks advising Kelsey Peterson, the group's previous head of program management. Peterson will now report to Vorrath -- as will two other AI executives, Cindy Lin and Marc Schonbrun. Giannandrea, who joined Apple from Google in 2018, disclosed the changes in a memo sent to staffers. The move signals that AI is now more important than the Vision Pro, which launched in February 2024, and is seen as the biggest challenge within the company, according to a longtime Apple executive who asked not to be identified. Vorrath has a knack for organizing engineering groups and creating an effective workflow with new processes, the executive said. It has been clear for some time now that Giannandrea needs additional help managing an AI group with growing prominence, according to the executive. Vorrath is poised to bring Apple's product development culture to the AI work, the person said.

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