UK Mulls Crypto Betting; Block to Cut 40%; Miners Tap High-Yield
Today in crypto: The United Kingdom’s gambling regulator is evaluating whether to permit cryptocurrency as a payment option for licensed online betting, Block plans to reduce its workforce by around 40% amid AI-driven efficiencies, and high-yield bonds are increasingly financing AI and data center expansion linked to Bitcoin miners.
UK gambling regulator considers crypto payments for online betting
The United Kingdom’s Gambling Commission is examining a potential framework to allow cryptoassets to be used as a payment method at licensed online betting operators, as the country moves to bring more crypto activities under a new regime overseen by the Financial Conduct Authority (FCA).
Tim Miller, the commission’s executive director for research and policy, said on Thursday that the regulator aims to explore “the potential path forward” for enabling crypto payments within licensed and regulated gambling in Great Britain. He delivered the remarks at the Betting and Gaming Council’s annual general meeting in London, according to a published speech.
Miller noted that companies conducting regulated crypto activities will require authorization by the FCA under the Financial Services and Markets Act 2000 (FSMA) when the new framework takes effect. He added that rising consumer interest is prompting the commission to assess how crypto could be incorporated as a payment option within existing regulatory standards.
Tim Miller’s speech at the Betting and Gaming Council’s annual general meeting in London. Source: Gambling Commission UK
Jack Dorsey’s Block to cut 4,000 jobs
Block, the payments firm co-founded by Jack Dorsey, plans to eliminate around 40% of its staff in a broad restructuring, a move Dorsey attributed to rapid advances in artificial intelligence and a shift to smaller, flatter teams. The decision was outlined in a company-wide letter that Dorsey shared on X.
Dorsey said he faced two choices—gradually reduce headcount over months or years, or act immediately—and chose the latter, arguing that repeated rounds of cuts harm morale, focus, and stakeholder trust.
Affected employees will receive 20 weeks of base pay plus one additional week for each year of service, six months of health care coverage, their corporate devices, and a $5,000 stipend for personal needs, according to the letter. Staff will be notified today if they are being laid off or entering consultation.
Source: Jack Dorsey
High-yield bonds used to fund AI, data centers
Financing for AI and data center expansion—partly driven by Bitcoin miners—is increasingly coming from high-yield bond markets, reflecting how investors are pricing risk and opportunity in the sector.
According to TheEnergyMag’s latest newsletter, companies involved in AI data center development have raised about $33 billion in long-term senior notes over the past 12 months, excluding convertible debt.
Borrowing costs vary significantly: regulated utilities and traditional energy firms typically secure rates around 4% to 5%, while AI- and crypto-linked issuers are paying closer to 7% to 9%. The spread is being driven by credit ratings and perceived risk profiles in AI infrastructure projects.
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