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  • Visa Becomes First Major Payments Company to Join Canton Network as Super Validator

    Visa Becomes First Major Payments Company to Join Canton Network as Super Validator

    In brief

    • Visa announced it will join Canton Network as the first major global payments company to serve as a Super Validator.
    • The company will be one of 40 Super Validators helping banks and financial institutions bring payment flows on-chain.
    • Canton Network is designed to address privacy concerns that have kept many banks from adopting public blockchains.

    Visa announced Wednesday that it will join Canton Network as the first major global payments company to serve as a Super Validator, helping extend privacy-preserving blockchain infrastructure to banks and financial institutions worldwide.

    The payments giant will be one of 40 Super Validators on the layer-1 Canton network, applying “the same trusted and reliable standards it uses to operate critical payment systems today,” it said in an announcement.

    As a Super Validator with voting powers to shape Canton’s network decisions, Visa will help institutions experiment with and scale stablecoin payments, settlement, and treasury use cases without changing how they manage risk, compliance, and operations.

    “Many banks see the lack of privacy as a dealbreaker for moving meaningful activity on-chain,” said Rubail Birwadker, Visa’s global head of growth products and strategic partnerships, in a statement. “By operating as a Super Validator on Canton Network, we’re bringing Visa-grade trust, governance and operational rigor that define Visa’s global network to privacy‑preserving blockchain infrastructure, so regulated financial institutions can bring payments on-chain without having to rethink how they operate.”

    Canton’s configurable privacy model allows institutions to adopt blockchain without compromising confidentiality—addressing concerns that banks can’t run payroll if salaries are public and trading firms can’t reveal positions without hurting price discovery.

    The move builds on Visa’s expanding digital asset work, including stablecoin settlement that has reached an annualized run rate of $4.6 billion globally and stablecoin-linked card programs spanning more than 130 programs across more than 50 countries.

    Canton has seen significant uptake from major financial players, with Franklin Templeton expanding its tokenized fund platform Benji to the network and JPMorgan bringing over its JPM Coin for institutional client payments. In December, the Depository Trust & Clearing Company—which processes quadrillions of dollars’ worth of transactions annually—said it would issue tokenized securities on Canton.

    Since launching in November, Canton’s native CC token has rapidly become one of the most valuable cryptocurrencies on the market. It’s up more than 3% over the last day to a recent price of $0.145 and a market cap above $5.5 billion, making it the 21st biggest coin by that metric per data from CoinGecko.

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  • Franklin Templeton, Ondo Finance Bring 24/7 Tokenized ETF Trading to Crypto Users

    Franklin Templeton, Ondo Finance Bring 24/7 Tokenized ETF Trading to Crypto Users

    In brief

    • Franklin Templeton and Ondo Finance are teaming up to tokenize five of the financial giant’s ETFs.
    • Offerings include Franklin Templeton’s responsibly sourced gold ETF and its high-yield corporate ETF.
    • The tokenized ETFs will be offered via Ondo’s Global Markets platform, which is unavailable to U.S. users.

    Global asset manager Franklin Templeton and real-world asset tokenization firm Ondo Finance are teaming up to offer tokenized versions of five Franklin Templeton exchange-traded funds (ETFs) as part of a new initiative, the firms announced on Wednesday. 

    The funds—which include Franklin Templeton’s high-yield corporate ETF, its focused growth ETF, and its responsibly sourced gold ETF—will allow those without traditional brokerage accounts to gain access and trade them around the clock. 

    “This initial set of ETFs was selected by Ondo, based on demand they’ve recognized in their ecosystem,” Franklin Templeton Head of Innovation Sandy Kaul told Decrypt. “We believe it’s important to anchor this space in high-quality, well-understood investment strategies, and Franklin Templeton will continue to take a thoughtful approach to bringing institutional-grade products on-chain.”

    “We’ll evaluate future opportunities based on investor appetite, usability, and where we can deliver the most value,” she added. 

    The firms will also work together on educational programs designed to showcase how traditional investments will fit in alongside “emerging financial ecosystems.” 

    “Success is less about a single metric and more about expanding access while maintaining the standards and outcomes investors expect from Franklin Templeton,” Kaul added. “We’re focused on how these products are actually used: helping investors access diversified strategies, engage more consistently with long-term investing, and integrate traditional investments into their financial lives on-chain.”

    The new tokenized ETF offerings will use Ondo’s tokenized securities platform, Ondo Global Markets, which has established more than $620 million in total value locked (TVL) since its launch last fall. 

    However, access to the products is not intended for U.S. users, who are ineligible to make trades on Ondo’s Global Markets platform.

    Ondo rolled out access to more than 100 tokenized U.S. equities on the Ethereum blockchain in September as interest around tokenized equities and products rose. 

    Franklin Templeton also has a long history with tokenized assets, debuting its Franklin On-Chain U.S. Government Money Fund on the Stellar network in 2021 before expanding the offering to Ethereum in 2024. It has also since expanded to Polygon, Aptos, Avalanche, Arbitrum, Solana, and Base.

    The pair’s latest tokenization initiative comes a day after the New York Stock Exchange announced it will collaborate with the BlackRock-backed Securitize for the tokenization of securities. Also, last week, Nasdaq earned SEC approval to test tokenized versions of some securities in a pilot program.

    Editor’s note: This story was updated after publication to add in comments from Franklin Templeton, replacing quotes from the press release.

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  • SEC Chairman Paul Atkins Speaks About Cryptocurrencies: “A More Solid Foundation Will Be in Place by the End of 2026”

    SEC Chairman Paul Atkins Speaks About Cryptocurrencies: “A More Solid Foundation Will Be in Place by the End of 2026”

    SEC Chairman Paul Atkins made important statements about cryptocurrency markets, tokenization, and the regulatory framework during a program he participated in.

    Atkins, the opening guest of the second year of “Crypto In America,” argued that the crypto industry has now evolved from an era of “regulation through sanctions” to one of predictable and clear rules.

    When asked what crypto meant to him, Chairman Atkins directly defined the field as “innovation.” Stating that on-chain transactions are revolutionary in making services more efficient and reducing risks, Atkins said, “On-chain exchange and payment systems that were unimaginable 10 years ago are becoming a reality today.”

    One of the most striking aspects of the news was the SEC’s new taxonomy (classification) approach. Atkins stated that, unlike the past “everything is a security” approach, they have made a clear distinction.

    They stated that they have clarified that digital commodities, collectibles, and instruments are not considered securities. They also reminded that payment-oriented stablecoins are overseen by banking regulators (OCC) and the CFTC, not the SEC. Adhering to the principles of the “Howey Test,” they explained that an asset cannot remain a security forever; its status can end when promises are fulfilled or functionality is gained.

    Atkins announced the end of the long-running jurisdictional dispute between the SEC and the Commodity Futures Trading Commission (CFTC). Describing the release of joint guidance from the two agencies as a “historic moment,” Atkins stated that the appointment of Mike Seelig as CFTC Chairman further strengthened this cooperation.

    Expressing his excitement about the modernization of the financial system, the Chairman focused particularly on the tokenization of securities and instant clearing (T0) capabilities. Describing NASDAQ’s transition to a tokenized clearing system as “baby steps,” Atkins stated that such experiments should continue and that the SEC is working on facilitating regulations such as an “Innovation Exemption,” which could become clearer within a few weeks.

    Chairman Atkins concluded by stating that they aim to establish a solid foundation for digital asset markets by the end of 2026.

    *This is not investment advice.

  • New polymarket accounts wagered on Iran ceasefire days before Trump’s ‘productive talks’ post… coincidence?

    New polymarket accounts wagered on Iran ceasefire days before Trump’s ‘productive talks’ post… coincidence?

    Traders appear to have known something the public did not, and they placed their bets accordingly.

    Lawmakers, economists, and market observers have once again accused President Donald Trump of insider trading after a series of oddly timed trades on prediction markets and oil futures were made shortly before the president made remarks regarding the Iran war.

    On Polymarket, a website where users bet real money on the outcome of world events, eight newly created accounts placed a combined $70,000 in wagers on whether a ceasefire would be declared in Iran before the end of March.

    If that outcome comes true, those bets could pay out $820,000.

    All eight accounts were created around March 21, the same period when Trump posted on social media suggesting the U.S. was thinking about “winding down our great Military efforts,” marking a significant shift in his position on the conflict.

    Following this activity, Polymarket’s own odds on a ceasefire happening before March 31 jumped sharply, from 6% on March 21 to 24% by Monday. It is currently at 11%. More than $21 million is currently being wagered on that outcome.

    Oil markets surge minutes before Trump’s announcement

    The concerns grew sharper after unusual activity was spotted in global oil markets just minutes before Trump announced a temporary halt to airstrikes.

    See also U.S. judge weighs Terra tokens’ security status

    On Monday, Trump posted on Truth Social that the U.S. and Iran had held “very good and productive conversations regarding a complete and total resolution of our hostilities” over the previous two days.

    But market data shows that trading activity had already spiked nearly 15 minutes earlier, as traders placed 734 bets on WTI crude oil contracts.

    Within one minute, that figure jumped to 2,168, worth around $170 million. In the same two-minute window, Brent crude trades surged from 20 to more than 1,650, totaling roughly $150 million in contracts.

    Rachel Winter, a partner at the wealth management firm Killik & Co., told the BBC the timing was hard to ignore.

    “Just before he posted on social media, quite a lot of people took out contracts that would allow them to profit from the oil price falling,” she said. “So there has been some speculation about insider trading. We don’t know if that’s true, but hopefully there will be some sort of investigation into that.”

    Connecticut Senator Chris Murphy went further, claiming that around five minutes before Trump’s post, someone bought $1.5 billion in S&P 500 futures while selling $192 million in oil futures.

    He publicly asked: “Who was it?” Murphy, along with Texas Representative Greg Casar, introduced the BETS OFF Act last week, legislation that would make it illegal to bet on war or government decisions when the person placing the wager already knows the outcome.

    See also Top crypto tweets of the day – August 29th

    Senator Chris Murphy accuses Trump of insider trading as Polymarket odds surged.
    Source: @ChrisMurphyCT on X

    The White House rejected any suggestion of wrongdoing.

    A spokesperson said: “The White House does not tolerate any administration official illegally profiteering off of insider knowledge, and any implication that officials are engaged in such activity without evidence is baseless.”

    Polymarket pulls nuclear betting contract

    This is not the first time Polymarket has come under the spotlight. According to a Cryptopolitan report, the platform quietly removed a contract that allowed users to bet on whether a nuclear weapon would be detonated this year.

    The page now simply reads: “The event has been archived.” Before it was pulled, the market had already generated more than $650,000 in trading volume.

    The platform also deleted an X post that had put the probability of a nuclear detonation in 2026 at 22%.

    The removal came after a troubling episode on February 28, when the U.S. launched airstrikes on Tehran and other Iranian cities, and hours before those strikes began, six anonymous Polymarket accounts had already placed “Yes” bets on whether the U.S. would attack Iran.

  • The Athletic: Does the Lakers’ recent win streak make them a contender?

    The Athletic: Does the Lakers’ recent win streak make them a contender?

    LeBron James reacts against the Miami Heat during the third quarter at Kaseya Center.

    Editor’s Note: Read more NBA coverage from The Athletic here. The views on this page do not necessarily reflect the views of the NBA or its teams. 

    ***

    As Lakers fans undoubtedly know, that scene has hardly been uncommon the past two years. While L.A.’s late-game mojo didn’t carry over into Detroit on Monday, the Lakers are an astounding 21-7 in games decided by five points or fewer this season and 22-7 in games NBA.com defines as “clutch” (games that were within five points in the last five minutes) after going 23-16 in similar games a year earlier.

    The Lakers’ recent nine-game winning streak, in particular, got a big narrative boost thanks to a pair of unlikely clutch wins. Look, 7-2 in a tough stretch of schedule is nice, but nine straight is news. Fittingly, the Lakers won one game where they successfully intentionally missed a free throw at the end (Austin Reaves’s perfect plunk off the front rim against Denver that allowed him to make a game-tying shot) and another one where they unsuccessfully intentionally missed a free throw (Deandre Ayton’s line drive caromed straight into the floor and to Orlando seconds before Kennard’s heroics).

    So yes, the Lakers are an odd team, much as they were a year ago. They have an A-list superstar in his prime and an all-time legend who still delivers, and surround it all with another 20-point scorer in Reaves and the pedigree of being one of the league’s marquee franchises.

    On the other hand … they just haven’t been that good for most of the year. The Lakers are 46-26 entering Wednesday’s visit to Indiana, but have the point differential of a team that’s 39-33 — a record that would only be seventh in the West and tied for 14th in the entire NBA.

    Injuries have been part of the story — somehow, some way, Jake LaRavia is second on this team in total minutes — but the Lakers aren’t the only team in the NBA to have a player miss a game. Their three difference makers have missed 69 games between them, but many of their rivals in the standings can tell similar sob stories.

    Despite the meh scoring differential, the Lakers have unquestionably forced us to think of them as a postseason force of late. They are once again tracking to be the third seed in the West, and with better underlying numbers than a year ago, when they won 50 games with the league’s 14th-best net rating at just +1.2 a game.

    Moreover, the recent run of success feels a lot less fluky than some of Los Angeles’ early-season escapes. The Lakers are only 25-19 in “non-crunch-time” games this year, which is usually a better indicator of a team’s quality and thus a not-great one for L.A.’s postseason viability, but nearly half the wins have been since the All-Star break.

    In fact, the recent non-clutch games may be a much better reason to believe in Los Angeles’ legitimacy than the Houdini acts against Denver or Orlando. While the nine-game winning streak was greased by a couple of unlikely, fantastic finishes that may be hard to conjure up on demand, the Lakers are also 10-1 in their last 11 non-crunch time games. What that means, basically, is that they are winning games easily quite often, and rarely losing the same way — the polar opposite of where they were the first half of the season, and the biggest predictive “tell” of a team’s true quality.

    Since getting pummeled by Boston 111-89 in their second game out of the All-Star break, the Lakers have not only won the non-crunch games, but won them against good teams. This is an important distinction, as we’ve seen the last-season schedule distort many other teams’ results (greetings, Hawks fans!), which are padded by routs of the league’s eight shameless tankers.

    The Lakers, however, haven’t been fattening up on the underclass. The Sacramento Kings and the Chicago Bulls are the only two teams they’ve played in this stretch that have given up on the season. L.A.’s stretch of non-clutch wins includes a pair in Houston, one at Miami, and surprisingly easy home wins against the New York Knicks and the Minnesota Timberwolves. Since that game against Boston, they have yet to lose by more than seven points.

    I’m dancing around the real topic here, so let’s take a more direct line: These results are pretty important as far as the “Are they a contender?” question that hangs over the Lakers, for this season and as they plan their future.

    On multiple levels, their recent run of play has turned a hard “no” into a “maybe?”

    Let’s set aside for a minute the fact that the top two teams in the West have been playing at a god level for the last month and look utterly unstoppable, and consider the Lakers against the historic norms required for contention.

    Long-time readers are familiar with me saying this, but I’ll go ahead and say it again: If you aren’t one of the top-three seeds and haven’t won at least 52 games, your odds of winning a championship are infinitesimally small.

    We’ve had only one of the last 48 champions meet that criteria (the 1996 Houston Rockets), and with at least 10 playoff teams in each of those seasons that were below my cut line, it means any individual team in this bucket is about a 1-in-400 proposition historically.

    Thus, the goal for any wannabe contender is to finish the regular season outside that bucket. In fact, three weeks ago, I wrote dismissively of the Lakers’ chances for that very reason.

    The win streak changed that trajectory. Historically, the part about “winning at least 52 games” is important — top-three seeds with fewer than 52 wins have a long, proud history of getting thrashed in the playoffs, including a preponderance of the first-round upsets involving second and third seeds. Astute readers will note that the list includes last year’s L.A. quad, a No. 3 seed but one with just 50 wins, and one that was excused in five games by Minnesota in the first round.

    Welp … after winning nine straight in a tough stretch of schedule, the Lakers have suddenly banked 46 wins, which means six more gets them to the magical 52 threshold. From here, the road to 52 doesn’t seem difficult — the team has five games left against tankers (including the upcoming Murderer’s Row of Indiana-Brooklyn-Washington) and six at home. While it also plays the mighty Oklahoma City Thunder twice, L.A.’s path to 52 is achievable solely by winning the five gimmes and defeating a reeling Golden State team, even if the Lakers lose their other four games.

    With a win total of 52 or above, the Lakers are almost assured of remaining in a top-three seed as well. ESPN BPI projects the Rockets and Wolves to reach 49 or 50 wins, with the Nuggets grabbing 51. Additionally, the Lakers won the tiebreak against all three teams and would win any multi-team tie; a team like Denver has to pass them, not just catch them. (That intentional miss by Reaves two weeks ago looms quite large here!)

    As others have written, the Lakers’ improving chemistry among their three perimeter stars has played a big role in their surge, and the timing doesn’t seem accidental. As I noted a year ago, incorporating an extremely high-usage player such as Luka Dončić is difficult enough in the offseason, let alone mid-stream after the shocking trade from Dallas last February. It seemed like it took a full year before L.A. finally struck the right balance with LeBron James and Reaves. Between that, the Kennard trade and some improved health, their move up the West food chain seems entirely believable.

    Of course, at this point, I should probably discuss the elephant in the room. If we’re going to talk euphorically about the Lakers returning to the NBA’s contender class, we also must include an orca-sized pillar of salt. The Lakers are playing their best basketball of the season, by far, and yet even in that stretch, the two teams they must beat, the Thunder and the San Antonio Spurs, have still been better.

    Oklahoma City has won 12 in a row and gone 15-1 since the break, with the only loss coming at Detroit in a game that Shai Gilgeous-Alexander, Jalen Williams, Chet Holmgren, Isaiah Hartenstein and Alex Caruso all missed. San Antonio, meanwhile, is 22-2 in its last 24 games with 16 double-digit wins. Scary.

    Historically, plenty of teams that technically had “contender” metrics were still obliterated in the playoffs because they ran into a buzzsaw like Oklahoma City or San Antonio. Of the six teams that seem likely to meet my contender criteria this season (three in the West, plus Detroit, Boston and New York), only one can win the title. Of those six, the Lakers unquestionably would have the worst odds in the group.

    What this recent run of play does do, however, is at least put the Lakers in the Jim Carrey zone — yes, I’m saying there’s a chance. It didn’t seem that way a few weeks ago.

    ***

    John Hollinger’s two decades of NBA experience include seven seasons as the Memphis Grizzlies’ Vice President of Basketball Operations and media stints at ESPN.com and SI.com. A pioneer in basketball analytics, he invented several advanced metrics — most notably, the PER standard. He also authored four editions of “Pro Basketball Forecast.” In 2018 he was honored with the Lifetime Achievement Award at the Sloan Sports Analytics Conference. Follow John on X @johnhollinger. 

  • Supreme Court Finds ISP Not Liable for Users’ Illegal Music Downloads

    Supreme Court Finds ISP Not Liable for Users’ Illegal Music Downloads

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  • US jury finds Meta, Alphabet liable in landmark social media addiction case

    US jury finds Meta, Alphabet liable in landmark social media addiction case

    A California jury found ⁠Alphabet’s Google and Meta liable for $3m in damages in a landmark social media addiction lawsuit that accused the companies of being legally responsible for the addictive design of their platforms.

    The decision was handed down by a Los Angeles-based jury on Wednesday after more than 40 hours of deliberation across nine days, and more than a month after jurors heard opening statements in the trial.

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    Among those who testified in the case were Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri, although YouTube chief executive Neal Mohan was not called to testify.

    The plaintiff in the case, referred to as KGM or Kaley, was awarded $3m in damages. The 20-year-old said she became addicted to social media at a young age, which exacerbated her mental health issues. She began using YouTube at age six and Meta-owned Instagram at age nine.

    Kaley’s legal team alleged that the social media giants used designed features intended to hook young users, including notifications and autoplay features.

    “Today’s verdict is a historic moment — for Kaley and for the thousands of children and families who have been waiting for this day. She showed extraordinary courage in bringing this case and telling her story in open court. A jury of Kaley’s peers heard the evidence, heard what Meta and YouTube knew and when they knew it, and held them accountable for their conduct. Today’s verdict belongs to Kaley,” lawyers for the plaintiff said in a statement shared with Al Jazeera.

    Jurors were instructed not to consider the content of the posts and videos Kaley saw on the platforms. That is because tech companies are shielded from legal responsibility for user-posted content under Section 230 of the 1996 Communications Decency Act.

    Meta consistently argued that Kaley had struggled with her mental health separate from her social media use, often pointing to her turbulent home life. Meta also said, “not one of her therapists identified social media as the cause” of her mental health issues in a statement following closing arguments. But the plaintiffs did not have to prove that social media caused Kaley’s struggles — only that it was a “substantial factor” in causing her harm.

    YouTube focused less on Kaley’s medical records and mental health history and more on her use of the platform itself. The company argued that YouTube is not a form of social media, but rather a video platform, akin to television, and pointed to her declining use as she got older.

    According to company data, she spent about one minute per day on average watching YouTube Shorts since its inception. YouTube Shorts, which launched in 2020, is the platform’s section for short-form, vertical videos that include the “infinite scroll” feature that the plaintiffs argued was addictive.

    “We disagree with the verdict and plan to appeal. This case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site,” Jose Castaneda, a spokesperson for Google, told Al Jazeera.

    Meta did not respond to Al Jazeera’s request for comment.

    Snap and TikTok were previously named in the suit but settled with the plaintiff for undisclosed terms before the trial began.

    Shifting momentum

    The verdict is the latest in a wave of lawsuits targeting social media companies. There is a looming federal social media addiction case slated to begin in June in Oakland, California.

    On Tuesday in New Mexico, a jury found that Meta violated state law by misleading users about the safety of Facebook, Instagram, and WhatsApp, and by enabling child sexual exploitation on those platforms.

    This case has been closely watched by legal experts, who say the verdict will shape future litigation.

    “The fact the jury found Meta and Google liable represents that these cases have real exposure to the social media giants, and are going to frame how future litigation will proceed. Although this case will certainly be appealed, I would not be surprised if Meta and Google are already making changes within their platform to reflect the real exposure, and hopefully, the states will start to enact laws regulating social media in a manner congruent with the ruling,” entertainment lawyer Tre Lovell told Al Jazeera.

    Professor Eric Goldman, associate dean for research at the Santa Clara University School of Law, echoed Lovell’s assessment.

    “The Los Angeles jury verdict is the first of three bellwether trials in Los Angeles, with more bellwether trials to follow in summer, in the federal case. As such, today’s verdict is just one datapoint about liability and damages. The other trials could reach divergent outcomes, so this jury verdict isn’t the final word on any matter.”

    Despite the ruling, Meta’s stock has not taken a hit, as it came the same day CEO Mark Zuckerberg was appointed to a new White House advisory council. The stock is up 0.7 percent. Alphabet’s stock, however, is trending downward in midday trading on the heels of the verdict, down 1 percent.

  • ‘Harry Potter’ Drops First Looks at HBO’s Snape, Draco Malfoy, Dumbledore, McGonagall and More in Magical Trailer

    ‘Harry Potter’ Drops First Looks at HBO’s Snape, Draco Malfoy, Dumbledore, McGonagall and More in Magical Trailer

    HBO’s “Harry Potter” series has released an official trailer, giving a peek into the new take on the Wizarding World as it makes its way to TV.

    Newcomer Dominic McLaughlin stars as Harry Potter, the 11-year old wizard previously brought to life by Daniel Radcliffe. Alastair Stout and Arabella Stanton play his best friends, Ron Weasley and Hermione Granger, as they enroll at Hogwarts School of Witchcraft and Wizardry.

    The new show is a massive undertaking by HBO, which is adapting all seven of author J.K. Rowling’s books into seven seasons of television. The first eight-episode season is set to release this Christmas and takes on the first book, which was published in the U.S. as “The Sorceror’s Stone” and in the U.K. as “The Philosopher’s Stone.” (HBO is opting to use the U.K. title.)

    The cast also includes John Lithgow as Albus Dumbledore, the headmaster of Hogwarts; Janet McTeer as Prof. McGonagall; Paapa Essiedu as Prof. Snape; Nick Frost as Hagrid; Luke Thallon as Prof. Quirrell; Paul Whitehouse as Argus Filch; Bertie Carvel as Cornelius Fudge; Johnny Flynn as Lucius Malfoy and more. Many young actors are getting their first major roles on the series as well. Lox Pratt plays Draco Malfoy; Leo Earley plays Seamus Finnegan; Rory Wilmot plays Neville Longbottom; Gracie Cochrane plays Ginny Weasley; and Elijah Oshin plays Dean Thomas.

    HBO dropped a first-look image on March 24 that showed McLaughlin as Harry in Gryffindor robes as he approaches the Quidditch pitch on the Hogwarts school grounds, surrounded by other students in their school clothes. The following day, the network released a trailer that introduced several more major characters.

  • Reed Hastings Says Netflix’s Biggest Risk Is if YouTube Content ‘Boosted With AI’ Becomes ‘Cool and Sexy’

    Reed Hastings Says Netflix’s Biggest Risk Is if YouTube Content ‘Boosted With AI’ Becomes ‘Cool and Sexy’

    Reed Hastings, co-founder and former CEO of Netflix, has gone into semi-retirement — and he now spends much of his time attending to the Utah ski resort he bought in 2023.

    But he continues to serve on Netflix’s board as chairman of Netflix, and in a new interview, the exec spoke about the biggest risk facing Netflix: if AI-generated free content on platforms like YouTube becomes compelling enough to drive people to stop paying for Netflix.

    In an interview with syndicated TV show “In Depth With Graham Bensinger,” Hastings said that he is “very confident” about the future of subscription entertainment. But he said Netflix has “a couple” of risks, mostly involving AI. He put it this way: “Does AI transform content creation in ways such that young people only watch YouTube, and YouTube content boosted with AI becomes cool and sexy enough that that takes all their time.”

    Hastings said that Netflix has to “use AI well enough to improve our content, along with all the talent that we work with, so that we’re worth paying for. So YouTube’s free, and we’re a subscription, and so we have to justify, which has been the history of television, starting with HBO: Why pay for television? That was the initial thing. And HBO proved that they could do content good enough that it was worth paying for. And so the challenge for us is to use AI to improve the storytelling.”

    Hastings, who stepped down as CEO of Netflix in early 2023 after leading the company for 25 years, is majority owner of Utah’s Powder Mountain ski resort. He bought the place in a 2023 deal for undisclosed terms under which he assumed the resort’s $100 million-plus in debt, per the New York Times.

    About leaving as CEO, Hastings said, “So imagine you’re in a 25-year marriage, like I was with Netflix, and then suddenly you’re cast out. You’re free.”

    About taking over Powder Mountain, he said, “this was sort of my rebound business.”

    “This opportunity came and this was like somebody to love me, and it was like I could run something and take it over,” Hastings said about buying the ski resort. “I loved this place and, and love it still. So it was [that] I could do something impactful that I cared about, something totally different than Netflix — very visceral, working on everything from menus to lifts to design of different buildings to creating a community, compared to a high scale internet business.”

    Also in the interview, Hastings said that after he stepped aside as CEO of Netflix, he cut his alcohol intake from three glasses a day down to one. He said he was self-medicating to deal with the stress of running the company.

    “When I was working, I was stress eating and stress drinking,” Hastings told Bensinger. “When you’re self-medicating like that, you don’t know what would it be without it.”

    Watch clips from episode of “In Depth With Graham Bensinger” featuring Hastings, scheduled to air across the U.S. in broadcast syndication on March 28:

  • Webb and Hubble telescopes combine forces for a new view of Saturn

    The ESA, NASA and CSA have released new images of Saturn captured by the James Webb and Hubble space telescopes that offer an unprecedented view of the gas giant’s atmosphere. Particularly, comparing shots captured with Hubble against an infrared view from Webb highlights details in the composition and movement of Saturn’s outer layers.

    The Hubble images were captured as part of the Outer Planet Atmosphere Legacy program in August 2024, while the Webb images were shot a few months later. “Both sense sunlight reflected from Saturn’s banded clouds and hazes,” NASA says, “but where Hubble reveals subtle color variations across the planet, Webb’s infrared view senses clouds and chemicals at many different depths in the atmosphere, from the deep clouds to the tenuous upper atmosphere.”

    Hubble has historically been used to track storms on Saturn, and you can see bands of atmospheric clouds in the telescope’s new photo. The infrared sensors on the Webb telescope are able to highlight even more detail, like the highly-reflective ice of Saturn’s ring, which is practically white in the photo, and grey-green shading on the planet’s poles. The different coloring in the Webb photo could be caused by a “a layer of high-altitude aerosols” scattering light across latitudes, or “charged molecules interacting with the planet’s magnetic field” and causing “auroral activity.”

    The visual information from both telescopes is valuable to scientists and should prove to be more valuable over time. “These 2024 observations, taken 14 weeks apart, show the planet moving from northern summer toward the 2025 equinox,” NASA says. “As Saturn transitions into southern spring, and later southern summer in the 2030’s, Hubble and Webb will have progressively better views of that hemisphere.”