Solana 'will make everyone an investor' — Solana nCMO

The current structure of capital markets is failing to serve a broad base of investors, according to Akshay BD, non-chief marketing officer at the Solana Foundation. During a panel at the Accelerate 2025 conference, Akshay argued that blockchain technology could help address these shortcomings, claiming that Solana could “make everyone an investor or a dreamer over time.”

Akshay noted growing uncertainty among investors, citing concerns from investment managers who report heightened anxiety among clients. “You have low bond yields, you have asset price bubbles, and people don’t really know how the traditional asset allocation model works anymore,” he said. The 60-40 portfolio hasn’t delivered consistent returns in a long time.”

He attributed some of this tension to a widening gap between income earned through wages and wealth accumulated through asset ownership. Retail investors, he added, are often locked out of private markets, which are typically accessible only to accredited investors — a dynamic that may be contributing to overheated public markets.

Solana 'will make everyone an investor' — Solana nCMO
Akshay BD at Accelerate. Source: Cointelegraph

Akshay warned that the rapid advancement of artificial intelligence could further deepen existing economic divides. “The question is, which way do we go?” he asked. “Is it […] universal basic income, where we’re essentially creating a welfare economy to support those unable to keep jobs or own assets? Or is it what we propose, universal basic ownership, where everybody with a mobile phone can own assets?”

He outlined a vision in which crypto infrastructure enables broader asset ownership, allowing individuals to invest in everything from energy companies to local coffee shops through tokenization. In this model, acquiring an ownership stake could be as easy as scanning a QR code.

In the Solana ecosystem, the “Non-Chief Marketing Officer” (nCMO) is a role within the Solana Foundation that focuses on supporting the Solana community’s marketing efforts.

Related: Fractionalization of real world assets: Is this the holy grail of blockchain tech?

Markets remain above historical averages

Public equity markets in the US have been trading above their historical valuation norms for a long time. According to data from market analytics firm Multpl, the S&P 500’s price-to-earnings (P/E) ratio has consistently remained above 19.6 since December 2018, higher than the index’s historical average P/E ratio of around 16.1 and suggesting that investors have been willing to pay a premium for earnings in recent years.

Zooming out, the S&P 500’s average valuation has been gradually rising for decades, driven by factors such as low interest rates, growing corporate gains, and investor optimism about technology. However, high valuations have also coincided with periods of market corrections, like the dot-com crash and the 2008 financial crisis after the collapse of the subprime mortgage market.

Solana 'will make everyone an investor' — Solana nCMO
S&P 500 P/E ratio since inception. Source: Multipl

According to Akshay, a way to combat this overheating is to open up certain markets to retail investors, a lofty goal that some sectors of crypto, like RWA tokenization, aim to facilitate. Akshay noted that some entrepreneurs had tried this before, but the available technology didn’t support this view. “[Crypto] starts with the game, and very quickly becomes profound.”

“What it gives you is the ability for you to financialize all the productive assets in an economy, so you can have anybody who participates in that economy be an owner of that economy,” he said.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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Onchain privacy is a necessity in the age of AI — Shielded CEO

Blockchain privacy tools such as zero-knowledge (ZK) proofs will become increasingly necessary to protect online user data in the age of artificial intelligence, according to Eran Barak, CEO of Shielded Technologies, the developer behind the Midnight privacy chain.

In an interview with Cointelegraph at Consensus 2025, Barak said corporate service providers and centralized servers are expected to become honeypots for AI-assisted hackers and malicious actors looking to steal valuable data, including private keys, financial metadata, medical records, and government documents.

Hackers targeting centralized entities have a “massive” return on investment (ROI) and are incentivized to hack centralized targets that contain millions of valuable records, the CEO told Cointelegraph. Barak added that ZK-proofs, a way of verifying onchain data without revealing it, solve this problem:

“Blockchain is going to improve cybersecurity around the world, because, for a hacker to get to actual data, they need to hack individual wallets, but their ROI would be one record instead of millions — not worth it. They are going to go elsewhere.”

Privacy solutions have become a major focus for many Web3 developers, as the need to shield metadata from AI algorithms grows and large institutions demand privacy tools to protect sensitive data as a prerequisite to bringing their business operations onchain.

Privacy, Data, Web3
Midnight generates shielded assets that provide users with onchain privacy while maintaining compliance. Source: Midnight

Related: EU to ban anonymous crypto accounts and privacy coins by 2027

Cardano’s Hoskinson teases multichain airdrop

Speaking at Consensus 2025, Cardano co-founder Charles Hoskinson announced an upcoming Midnight token airdrop for holders of Avax (AVAX), XRP (XRP), Bitcoin (BTC), Brave Attention Token (BAT), and others. Midnight is a partner chain of the Cardano network.

Hoskinson the multichain airdrop will unite the industry through cooperative tokenomics and will promote collaboration. “We have a chance to come together again, and I think in this divisive era, the industry absolutely needs that.”

Privacy, Data, Web3
Charles Hoskinson at Consensus 2025. Source: Cointelegraph

Barak also told Cointelegraph that Midnight would invite interested users across the entire Web3 ecosystem to mine the Midnight token following the initial multichain airdrop.

Magazine: UK’s Orwellian AI murder prediction system, will AI take your job? AI Eye

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Semler Scientific boosts BTC holdings with $50M purchase

Semler Scientific, a medical device company, purchased of $50 million worth of Bitcoin between May 13 and May 22, bringing the market value of the company’s Bitcoin (BTC) holdings to $474.4 million, keeping it within the top 13 of BTC Treasury companies.

According to a May 23 disclosure, Semler bought a total of 455 BTC for an average purchase price of $109,801. To buy the Bitcoin, Semler Scientific used proceeds from an at-the-market stock offering program. So far, the company has sold roughly 3 million shares of common stock for net proceeds of $115 million.

Semler Scientific’s shares have fallen 1.36% on the same day as the disclosure, though the decrease in its share price is largely in line with the Nasdaq’s performance. That index, which follows top tech stocks, is down 1% on the day.

Semler Scientific boosts BTC holdings with $50M purchase
Semler Scientific share price. Source: Google Finance

In its Q1 2025 earnings report released on May 13, the company revealed a 44% drop in revenue year-over-year. Despite the claimed success of its Bitcoin treasury plan, Semler Scientific’s shares have dropped 18% in 2025, according to Google Finance.

Bitcoin treasury companies, or companies that traditionally sell equity or issue debt to buy BTC, had been drawing the interest of investors looking for exposure to Bitcoin price fluctuations.

Michael Saylor’s Strategy debuted its BTC reserve in August 2020, when it started purchasing Bitcoin. Bitcoin is up 181.6% year to date, while Semler Scientific shares rose 53% since announcing the BTC approach in May 2024.

Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

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Venture capitalists have always focused on investing in companies that leverage technology to either disrupt established industries or create entirely new business categories. But some VCs are starting to flip the script on their investing styles. Rather than funding startups, they are acquiring mature businesses — such as call centers, accounting firms, and other professional […]
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Mistral AI, the French company behind AI assistant Le Chat and several foundational models, is officially regarded as one of France’s most promising tech startups and is arguably the only European company that could compete with OpenAI. But compared to its $6 billion valuation, its global market share is still relatively low.  However, the recent […]
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This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

Meet Cathy Tie, Bride of “China’s Frankenstein”

Since the Chinese biophysicist He Jiankui was released from prison in 2022, he has sought to make a scientific comeback and to repair his reputation after a three-year incarceration for illegally creating the world’s first gene-edited children.

One area of visible success on his come-back trail has been his X.com account. Over the past few years, his account has evolved from sharing mundane images of his daily life to spreading outrageous, antagonistic messages. This has left observers unsure what to take seriously.

Last month, in reply to MIT Technology Review’s questions about who was responsible for the account’s transformation into a font of clever memes, He emailed us back: “It’s thanks to Cathy Tie.”

Tie is no stranger to the public spotlight. A former Thiel fellow, she is a partner in a project which promised to create glow-in-the-dark pets. Over the past several weeks, though, the Canadian entrepreneur has started to get more and more attention as the new wife to He Jiankui. Read the full story.

—Caiwei Chen & Antonio Regalado

Anthropic’s new hybrid AI model can work on tasks autonomously for hours at a time

Anthropic has announced two new AI models that it claims represent a major step toward making AI agents truly useful.

AI agents trained on Claude Opus 4, the company’s most powerful model to date, raise the bar for what such systems are capable of by tackling difficult tasks over extended periods of time and responding more usefully to user instructions, the company says.

They’ve achieved some impressive results: Opus 4 created a guide for the video game Pokémon Red while playing it for more than 24 hours straight. The company’s previously most powerful model was capable of playing for just 45 minutes. Read the full story.

—Rhiannon Williams

The FDA plans to limit access to covid vaccines. Here’s why that’s not all bad.

This week, two new leaders at the US Food and Drug Administration announced plans to limit access to covid vaccines, arguing that there is not much evidence to support the value of annual shots in healthy people. New vaccines will be made available only to the people who are most vulnerable—namely, those over 65 and others with conditions that make them more susceptible to severe disease.

The plans have been met with fear and anger in some quarters. But they weren’t all that shocking to me. In the UK, where I live, covid boosters have been offered only to vulnerable groups for a while now. And the immunologists I spoke to agree: The plans make sense. Read the full story.

—Jessica Hamzelou

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 Thousands of Americans are facing extreme weather
But help from the federal government may never arrive. (Slate $)
+ States struck by tornadoes and floods are begging the Trump administration for aid. (Scientific American $)

2 Spain’s grid operator has accused power plants of not doing their job
It claims they failed to control the system’s voltage shortly before the blackout. (FT $)
+ Did solar power cause Spain’s blackout? (MIT Technology Review)

3 Google is facing a DoJ probe over its AI chatbot deal
It will probe whether Google’s deal with Character.AI gives it an unfair advantage. (Bloomberg $)
+ It may not lead to enforcement action, though. (Reuters)

4 DOGE isn’t bad news for everyone
These smaller US government IT contractors say it’s good for business—for now. (WSJ $)
+ It appears that DOGE used a Meta AI model to review staff emails, not Grok. (Wired $)
+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review)

5 Google’s new shopping tool adds breasts to minors

Try it On distorts uploaded photos to clothing models’ proportions, even when they’re children. (The Atlantic $)
+ It feels like this could have easily been avoided. (Axios)
+ An AI companion site is hosting sexually charged conversations with underage celebrity bots. (MIT Technology Review)

6 Apple is reportedly planning a smart glasses product launch
By the end of next year. (Bloomberg $)
+ It’s playing catchup with Meta and Google, among others. (Engadget)
+ What’s next for smart glasses. (MIT Technology Review)

7 What it’s like to live in Elon Musk’s corner of Texas
Complete with an ugly bust and furious locals. (The Guardian)
+ West Lake Hills residents are pushing back against his giant fences. (Architectural Digest $)

8 Our solar system may contain a hidden ninth planet
A possible dwarf planet has been spotted orbiting beyond Neptune. (New Scientist $)

9 Wikipedia does swag now
How else will you let everyone know you love the open web? (Fast Company $)

10 One of the last good apps is shutting down
Mozilla is closing Pocket, its article-saving app, and the internet is worse for it. (404 Media)
+ Parent company Mozilla said the way people use the web has changed. (The Verge)

Quote of the day

“This is like the Mount Everest of corruption.”

—Senator Jeff Merkley protests outside Donald Trump’s exclusive dinner for the highest-paying customers of his personal cryptocurrency, the New York Times reports.

One more thing

The iPad was meant to revolutionize accessibility. What happened?

On April 3, 2010, Steve Jobs debuted the iPad. What for most people was basically a more convenient form factor was something far more consequential for non-speakers: a life-­changing revolution in access to a portable, powerful communication device for just a few hundred dollars.

But a piece of hardware, however impressively designed and engineered, is only as valuable as what a person can do with it. After the iPad’s release, the flood of new, easy-to-use augmentative and alternative communication apps that users were in desperate need of never came.

Today, there are only around half a dozen apps, each retailing for $200 to $300, that ask users to select from menus of crudely drawn icons to produce text and synthesized speech. It’s a depressingly slow pace of development for such an essential human function. Read the full story.

—Julie Kim

We can still have nice things

A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.)

+ Dive into the physics behind the delicate frills of Tête de Moine cheese shavings.
+ Our capacity to feel moved by music is at least partly inherited, apparently.
+ Kermit the frog has delivered a moving commencement address at the University of Maryland.
+ It’s a question as old as time: are clowns sexy? 🤡

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This week, two new leaders at the US Food and Drug Administration announced plans to limit access to covid vaccines, arguing that there is not much evidence to support the value of annual shots in healthy people. New vaccines will be made available only to the people who are most vulnerable—namely, those over 65 and others with conditions that make them more susceptible to severe disease.

Anyone else will have to wait. Covid vaccines will soon be required to go through more rigorous trials to ensure that they really are beneficial for people who aren’t at high risk.

The plans have been met with fear and anger in some quarters. But they weren’t all that shocking to me. In the UK, where I live, covid boosters have been offered only to vulnerable groups for a while now. And the immunologists I spoke to agree: The plans make sense.

They are still controversial. Covid hasn’t gone away. And while most people are thought to have some level of immunity to the virus, some of us still stand to get very sick if infected. The threat of long covid lingers, too. Given that people respond differently to both the virus and the vaccine, perhaps individuals should be able to choose whether they get a vaccine or not.

I should start by saying that covid vaccines have been a remarkable success story. The drugs were developed at record-breaking speed—they were given to people in clinical trials just 69 days after the virus had been identified. They are, on the whole, very safe. And they work remarkably well. They have saved millions of lives. And they rescued many of us from lockdowns.

But while many of us have benefited hugely from covid vaccinations in the past, there are questions over how useful continuing annual booster doses might be. That’s the argument being made by FDA head Marty Makary and Vinay Prasad, director of the agency’s Center for Biologics Evaluation and Research.

Both men have been critical of the FDA in the past. Makary has long been accused of downplaying the benefits of covid vaccines. He made incorrect assumptions about the coronavirus responsible for covid-19 and predicted that the disease would be “mostly gone” by April 2021. Most recently, he also testified in Congress that the theory that the virus came from a lab in China was a “no-brainer.” (The strongest evidence suggests the virus jumped from animals to humans in a market in Wuhan.)

Prasad has said “the FDA is a failure” and has called annual covid boosters “a public health disaster the likes of which we’ve never seen before,” because of a perceived lack of clinical evidence to support their use.

Makary and Prasad’s plans, which were outlined in the New England Journal of Medicine on Tuesday, don’t include such inflammatory language or unfounded claims, thankfully. In fact, they seem pretty measured: Annual covid booster shots will continue to be approved for vulnerable people but will have to be shown to benefit others before people outside the approved groups can access them.

There are still concerns being raised, though. Let’s address a few of the biggest ones.

Shouldn’t I get an annual covid booster alongside my flu vaccine?

At the moment, a lot of people in the US opt to get a covid vaccination around the time they get their annual flu jab. Each year, a flu vaccine is developed to protect against what scientists predict will be the dominant strain of virus circulating come flu season, which tends to run from October through March.

But covid doesn’t seem to stick to the same seasonal patterns, says Susanna Dunachie, a clinical doctor and professor of infectious diseases at the University of Oxford in the UK. “We seem to be getting waves of covid year-round,” she says.

And an annual shot might not offer the best protection against covid anyway, says Fikadu Tafesse, an immunologist and virologist at Oregon Health & Science University in Portland. His own research suggests that leaving more than a year between booster doses could enhance their effectiveness. “One year is really a random time,” he says. It might be better to wait five or 10 years between doses instead, he adds.

“If you are at risk [of a serious covid infection] you may actually need [a dose] every six months,” says Tafesse. “But for healthy individuals, it’s a very different conversation.”

What about children—shouldn’t we be protecting them?

There are reports that pediatricians are concerned about the impact on children, some of whom can develop serious cases of covid. “If we have safe and effective vaccines that prevent illness, we think they should be available,” James Campbell, vice chair of the committee on infectious diseases at the American Academy of Pediatrics, told STAT.

This question has been on my mind for a while. My two young children, who were born in the UK, have never been eligible for a covid vaccine in this country. I found this incredibly distressing when the virus started tearing through child-care centers—especially given that at the time, the US was vaccinating babies from the age of six months.

My kids were eventually offered a vaccine in the US, when we temporarily moved there a couple of years ago. But by that point, the equation had changed. They’d both had covid by then. I had a better idea of the general risks of the virus to children. I turned it down.

I was relieved to hear that Tafesse had made the same decision for his own children. “There are always exceptions, but in general, [covid] is not severe in kids,” he says. The UK’s Joint Committee on Vaccination and Immunology found that the benefits of vaccination are much smaller for children than they are for adults.

“Of course there are children with health problems who should definitely have it,” says Dunachie. “But for healthy children in healthy households, the benefits probably are quite marginal.”

Shouldn’t healthy people get vaccinated to help protect more vulnerable members of society?

It’s a good argument, says Tafesse. Research suggests that people who are vaccinated against covid-19 are less likely to end up transmitting the infection to the people around them. The degree of protection is not entirely clear, particularly with less-studied—and more contagious—variants of the virus and targeted vaccines. The safest approach is to encourage those at high risk to get the vaccine themselves, says Tafesse.

If the vaccines are safe, shouldn’t I be able to choose to get one?

Tafesse doesn’t buy this argument. “I know they are safe, but even if they’re safe, why do I need to get one?” People should know if they are likely to benefit from a drug they are taking, he says.

Having said that, the cost-benefit calculation will differ between individuals. Even a “mild” covid infection can leave some people bed-bound for a week. For them, it might make total sense to get the vaccine.

Dunachie thinks people should be able to make their own decisions. “Giving people a top-up whether they need it or not is a safe thing to do,” she says.

It is still not entirely clear who will be able to access covid vaccinations under the new plans, and how. Makary and Prasad’s piece includes a list of “medical conditions that increase a person’s risk of severe covid-19,” which includes several disorders, pregnancy, and “physical inactivity.” It covers a lot of people; research suggests that around 25% of Americans are physically inactive.

But I find myself agreeing with Dunachie. Yes, we need up-to-date evidence to support the use of any drugs. But taking vaccines away from people who have experience with them and feel they could benefit from them doesn’t feel like the ideal way to go about it.

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

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