FEATURED IN TODAYS NEWSLETTER

• Biden Unveils Plan to Cancel Student Loans for 8 Million Facing Financial Hardship

• AI Strategies Diverge: WME Opts for Partnerships, CAA Focuses on Digital Vault

• Kraken Expands Its Horizons with Upcoming Launch of Proprietary Blockchain

Business

Biden Unveils Plan to Cancel Student Loans for 8 Million Facing Financial Hardship

The Biden administration announced a new plan that could forgive student loans for approximately 8 million borrowers facing “financially devastating hardships.” This proposal, unveiled Friday, aims to assist Americans at high risk of defaulting on their loans as the Department of Education continues to defend other debt relief efforts facing legal challenges. Under the new initiative, loans may be canceled for borrowers whom the agency estimates have an 80% chance of defaulting within the next two years.  

Borrowers can qualify by demonstrating persistent financial burdens that make repayment unfeasible, such as unexpected medical expenses, high childcare costs, or caring for loved ones with chronic illnesses. Economic fallout from natural disasters may also be considered. Additionally, the Education Department plans to streamline the process by using existing data to identify eligible borrowers, applying 17 “non-exclusive factors” such as household income, debt levels, loan balances, and assets to determine eligibility—potentially bypassing the need for formal applications.

LATEST IN CRYPTO

Kraken Expands Its Horizons with Upcoming Launch of Proprietary Blockchain

Kraken, one of the world’s oldest cryptocurrency exchanges, is set to launch a new blockchain called Ink early next year, designed for decentralized applications that facilitate trading, borrowing, and lending of tokens without the need for intermediaries. Utilizing technology similar to that of Coinbase Global Inc.’s Base, which has emerged as one of the largest DeFi platforms since its launch over a year ago, Ink aims to enhance user experiences in the crypto space. A testnet for developers to experiment with applications on Ink will begin later this year, with plans to open the blockchain to retail and institutional users in the first quarter, according to Ink's founder, Andrew Koller.

TECH

AI Strategies Diverge: WME Opts for Partnerships, CAA Focuses on Digital Vault

As Hollywood confronts the challenges posed by AI, WME is taking a different route from rival CAA, prioritizing tech partnerships and legislative efforts over creating a proprietary digital vault. While CAA stores digital likenesses and voice samples with Veritone, WME outsources these tasks to two separate AI firms. "We’re not a technology company, nor are we trying to be," WME’s Head of Strategy Chris Jacquemin told TheWrap. WME’s approach centers on three pillars: collaborating with AI companies for protection, conducting thorough audits of business deals, and advancing legislative advocacy through its Government Relations Division, led by former Meta executive Matthew Kaplan.