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Finance

Banks rush to cut AI token costs amid bill shock

Banks are moving to curb surging token costs as they expand the use of artificial intelligence, after AI pricing models shifted from subscriptions to token-based billing. Executives at several banks have publicly flagged the growing burden. Banks are reassessing which models to apply to which tasks, opting for older or smaller models where possible. They are also considering open-source options, reusing stored answers and expanding in-house computing infrastructure. Some tasks may remain cheaper to handle with people.

Crypto

Linux Foundation launches \'Acrithes\' for coordinated open-source vulnerability patching

The Linux Foundation has launched the Acrithes initiative to address vulnerabilities in the open-source software ecosystem more efficiently, SecurityWeek reported on June 26. Acrithes focuses on responding to newly found vulnerabilities by preparing patches before public disclosure. Participants include Anthropic, AWS, Cisco, Google, IBM, JPMorgan Chase, Microsoft and GitHub, Nvidia and OpenAI, among others. Initial funding comes from the Linux Foundation\'s Alpha-Omega Directed Fund.

Crypto

U.S. Clarity Act heads to Senate in July as Lummis and JPMorgan CEO Dimon clash

U.S. Senator Cynthia Lummis said the Senate will begin debating the digital asset market structure bill known as the Clarity Act in July, the first time the lead sponsor has publicly specified timing. She urged JPMorgan Chase CEO Jamie Dimon to review the bill during the July 4 recess. The bill faces limited floor time, a 60-vote threshold and Democratic concerns over ethics language tied to the Trump family’s crypto holdings and an exemption in Section 604.