Wednesday June 18, 2025
AI is bringing a growing sense of unease that we can’t ignore. “Fear” may not be the right word, especially as we actively experiment with new AI tools every day, but there’s a deep concern about what lies ahead. I believe we are at the start of a labor market transformation unlike anything we’ve experienced in modern history.
Unlike past technological revolutions powered by the printing press, the combustion engine, or the personal computer, today’s shift is being driven by a technology that understands and responds in natural language. You no longer need to learn COBOL, C++, Python, or any other programming language to tap into its power. That single change levels the playing field. The early adopter advantage is fading because AI tools like ChatGPT can now be used by virtually anyone—no technical background required. While skill in prompt crafting can refine results, even a first-time user can ask a question and get a useful answer in seconds.
The earliest shockwaves are already hitting the white collar workforce. AI is rapidly augmenting, and in many cases outperforming, humans in tasks like coding, modeling, writing, data analysis, and scheduling. Intelligent agents are quietly replacing the daily grind once managed by entry-level hires. Talk to any recent graduate and they’ll likely confirm that hiring pipelines are tightening. The automation wave that many expected to first hit blue collar industries is instead showing up in offices and Zoom calls.
That doesn’t mean blue collar roles are safe forever -- far from it, but the timeline is different. For those jobs, the real disruption will come through physical automation and robotics. That future is still developing, and will unfold over a longer time, but AI-driven software is already eating into intellectual labor today.
Geoffrey Hinton, one of AI’s leading thinkers, agrees. He recently warned that AI will soon perform “mundane intellectual labor” so efficiently that one agent will replace the work of 10 people. Hinton’s recommendation for the work force is to look at trade jobs. “It’s going to be a long time before [AI] is as good at physical manipulation...So, a good bet would be to be a plumber.”
This is not a future to fear, but it is one we must face with clear eyes. The era of white collar automation isn’t coming. It’s already begun.
◾ The US Senate approved the Genius Act stablecoin bill with a 68-30 vote. (Politico)
◾ Coinbase $COIN is seeking SEC approval to offer tokenized equities. (Reuters)
◾ Sam Altman is accusing Meta $META of trying to lure AI engineers away from OpenAI with $100 million recruitment bonuses. (Reuters)
BitDigest will not be publishing tomorrow in recognition of the Juneteenth holiday and the accompanying bank and market closures.
Government & NGO Actions
◾ G7 leaders released a joint statement committing to advance shared prosperity through the promotion of secure and responsible AI. (G7.Canada.ca)
◾ Thailand has eliminated capital gains tax on crypto sales through 2029. (FinanceMagnates)
◾ South Korea’s central bank governor said he is open to issuing won-based stablecoins but is concerned about their impact on foreign exchange and capital flow management. (Reuters)
◾ The SEC opened a public comment period for Franklin Templeton’s $BEN proposal to launch an XRP ETF. (SEC.gov)
◾ The city of Spokane, Washington banned crypto ATMs following a surge in scam-related incidents. (Spokanecity)
◾ Malaysia is launching a digital assets innovation hub. (BusinessTimes.com.sg)
◾ Malaysia's Ministry of Trade is investigating reports that a Chinese company is operating servers with Nvidia chips within the country. (Reuters)
Financial Notices & Public Company Releases
◾ Details of the Tron–SRM Entertainment $SRM deal show that Justin Sun’s father is taking control of the public company, with no involvement from the Tron DAO. (SECfiling)
◾ Bitdeer $BTDR announced an upsized $330 million convertible note offering. (Bitdeer)
◾ Fold Holdings $FLD secured a $250 equity purchase facility to buy more bitcoin. (GlobeNewswire)
◾ Canadian digital infrastructure firm AgriFORCE Growing Systems $AGRI launched a bitcoin treasury plan and is deploying 32 PH/s of Bitmain miners to turn stranded gas into ESG-compliant digital compute. (GlobeNewswire)
Restructuring, Hacks, Losses & Legal News
◾ Israeli hackers stole $48 million in crypto from Iran’s Nobitex exchange. (JPost)
◾ Hackers linked to Israel also shut down the Islamic Revolutionary Guard-controlled Sepah Bank causing nationwide disruptions. (TimesofIsrael)
◾ Liquid staking protocol MetaPool suffered a $27 million exploit. (CoinDesk)
◾ The NAACP is threatening legal action against xAI over its alleged use of methane-fueled gas turbines to power a data center in South Memphis. (Reuters)
AI Announcements
◾ Amazon $AMZN CEO warned that AI adoption will reduce the need for workers and shrink the company’s overall corporate workforce. (AboutAmazon)
Protocols, Applications & Business News
◾ Spanish bank BBVA is recommending that its private banking clients allocate 3 to 7 percent of their portfolios to crypto assets. (Reuters)
◾ JPMorgan $JPM is piloting the “JPMD” dollar-backed token on the Base blockchain with initial transfers to Coinbase $COIN and plans for broader use pending approval. (Bloomberg)
◾ Russia’s largest bank, Sberbank, is preparing to launch a large language model with advanced reasoning capabilities. (Reuters)
◾ Bitmain, Canaan $CAN and MicroBT, China’s three largest producers of bitcoin mining rigs, are setting up manufacturing operations in the US to bypass tariffs. (Reuters)
◾ Chinese e-commerce giant JD.com is preparing to seek stablecoin licenses in key global markets. (TechinAsia)
Metaverse & Gaming Briefings & Activations
◾ Warner Brothers Games is restructuring to focus on its core IP franchises, including Mortal Kombat, Harry Potter, and Game of Thrones. (HollywoodReporter)
Market Data
◾ The Nintendo $NTDOY Switch 2 sold a record 1.1 million units during its first week of US sales. (BlueSky)