Here's What Unfolded in Crypto Today

Here's what unfolded in crypto today: the UK's Gambling Commission is weighing whether to let bettors use cryptocurrency at licensed casinos, Jack Dorsey's Block is eliminating roughly 40% of its workforce as artificial intelligence reshapes the company, and Bitcoin miners are turning to high-yield bonds to bankroll their pivot toward AI and data center construction.

UK Gambling Regulator Explores Crypto Payments

The United Kingdom's Gambling Commission is actively investigating whether cryptocurrency could serve as a payment method at licensed online betting platforms, as the country prepares to bring more crypto activity under a regulatory framework led by the Financial Conduct Authority (FCA).

Tim Miller, the commission's executive director for research and policy, stated on Thursday that the regulator intends to explore "the potential path forward" for permitting "cryptoasset to be used as a consumer payment option for licensed and regulated gambling in Great Britain." Miller shared the remarks at the Betting and Gaming Council's annual general meeting in London, according to his published speech.

Under the forthcoming regime, firms engaging in regulated crypto activities will need authorization from the FCA under the Financial Services and Markets Act 2000 (FSMA), Miller noted. The announcement reflects a broader push by UK authorities to establish clear rules for digital asset usage across consumer-facing industries.

Why Is Block Cutting 40% of Its Staff?

Block is slashing approximately 40% of its employees in a sweeping restructuring that co-founder Jack Dorsey attributed to the rapid acceleration of AI at the company. Dorsey said smaller, flatter teams paired with new intelligence tools are fundamentally changing how Block builds and runs its products.

"I had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. I chose the latter," Dorsey wrote in a letter to staff that he shared on X. He added that "repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead."

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.

— Jack Dorsey, Block Co-Founder

Block Severance and Employee Impact

Departing Block employees will receive 20 weeks of salary along with one extra week for each year of tenure, according to Dorsey's letter. Additional benefits include six months of healthcare coverage, their corporate devices, and an extra $5,000 for personal needs.

Employees will be notified on Thursday whether they are losing their positions or entering a formal consultation process. Dorsey framed the cuts as a necessary move rather than repeated gradual reductions, which he described as more damaging to morale and trust.

Bitcoin Miners Fuel AI Data Center Boom With High-Yield Bonds

The AI and data center expansion driven partly by Bitcoin miners is increasingly being financed through high-yield bond issuance, according to a recent industry newsletter. Companies tied to AI data center development have raised roughly $33 billion in long-term senior notes over the past 12 months, excluding convertible debt — bonds that can later be converted into equity and carry distinct risk profiles.

The interest rate spread is notable: regulated utilities and traditional energy firms generally borrow at 4% to 5%, while AI- and crypto-linked issuers pay closer to 7% to 9%, underscoring how lenders are pricing both risk and opportunity in the sector.