Trump: The remaining portion of the $2,000 grant will be used to pay off national debt.

TLDRs; SoftBank will cut 20% of Vision Fund staff as it pivots from broad startup bets to AI-focused projects. The $500 billion Stargate data center project anchors SoftBank’s AI infrastructure ambitions, despite project delays. SoftBank is investing heavily across the AI ecosystem, including OpenAI, Intel, Ampere Computing, and Arm Holdings. Masayoshi Son’s strategy aims to [...] The post Masayoshi Son Bets Big on AI, Vision Fund Restructures Workforce appeared first on CoinCentral.

PANews reported on November 11th that, according to The Block, trading and investment firm eToro released its earnings report on Monday, showing significant growth in its crypto division in the third quarter after adding various digital assets and launching staking services. During the reporting period, revenue from "crypto assets" reached $3.97 billion, compared to only $1.4 billion in the same period last year. However, the cost of revenue was as high as $3.89 billion, generating almost no actual profit, and incurring a net loss of over $18 million due to crypto asset derivatives trading. eToro stated that it has expanded its cryptocurrency business in the US, launching more tokens with utility, staking, and yield features, and advancing cryptocurrency wallet development. Driven by the increase in the number of crypto assets from 3 to 110, and the launch of staking services for Cardano, Ethereum, and Solana, the number of new accounts opened this year has already exceeded the total for 2024. Furthermore, the company's total trading volume and trading value last month increased by 84% and 52% year-over-year, respectively. Overall, the platform reported a net profit of $56.8 million, and its assets under management (AUA) increased to $20.5 billion in the third quarter, a year-over-year increase of 73%.

PANews reported on November 11th that, according to The Block, the IRS has released new guidance establishing a safe harbor for staking digital assets in exchange-traded products (ETPs). Cryptocurrency proponents say this changes the way traditional finance is taxed. On Monday, U.S. Treasury Secretary Scott Bessent announced the news on the X platform, stating that the guidance provides a clear path for staking digital assets in ETPs, sharing rewards with retail investors, increasing investor returns, driving innovation, and helping the U.S. maintain its leading position in the digital asset and blockchain fields. The IRS stated that they received questions regarding whether staking would render a trust "unfair to federal income tax regulations," and the newly released 18-page guidance includes safe harbor provisions and requirements. Bill Hughes, senior legal counsel at Consensys, stated that trusts meeting certain conditions (such as holding only one digital asset and cash, using qualified custodians, etc.) can stake cryptocurrency on permissionless proof-of-stake networks. This safe harbor provides clear guidance for institutions and accelerates the adoption of proof-of-stake blockchains in the mainstream market.