Today Bitcoin tumbles as economic Concerns spook investors a pro comma Harris pack starts accepting crypto Donations and nil Dalal of coinbase Explains how the company's first AI to AI crypto transaction was Executed welcome to cnbc's crypto world I'm Lindsay Jacobson digital currencies Are trending lower this morning after Yet more data calls into question the Strength of the US economy private Payrolls for the month of August Rose by Just 999,000 the smallest gains since 2021 and well below what Wall Street was Expecting at the same time layoffs Climbed by noon Eastern Bitcoin sank About 3.7% to $555,000 Ether dropped 3.4% to 2371 and Polygon's pole token slumped 2.6% one Day after the blockchain scaling Solution rolled out a network upgrade to To convert madic tokens to the new pole Tokens in the meantime spot Bitcoin ETFs Which hit the market in January had Their worst day in more than four months This week alongside a broader Market Selloff on Tuesday more than $287 Million were withdrawn from the 11 us Listed ETFs that's the biggest day for Outflows since May 1st according to Faride investors Data okay let's talk about the top Stories while Camala Harris 's campaign Is not currently accepting crypto
Donations directly a top super pack Backing the Democratic presidential Candidate will accept crypto Contributions a coinbase spokesperson Confirmed to CNBC that the political Action committee known as future forward Pack has onboarded coinbase Commerce Which is a tool allowing Merchants Globally to accept crypto donations According to Reuters future forward pack Has reportedly raised hundreds of Millions of dollars to back Harris in The upcoming election in which she fac Is former president Donald Trump who has Recently taken on a pro crypto stance Polls currently show a tight race back In May the Trump campaign started Accepting crypto donations since then Several big names in the crypto industry Have donated to Trump's campaign Including the Winkle boss twins Harris Has yet to publicly take a stance on Crypto however Reuters has reported that Her campaign staff met with prominent Crypto firms including coinbase and Ripple next sticking with politics we're Getting a little more information on the Crypto project backed by the Trump Family world's Liberty Financial is a Defi platform touted by both Donald Trump and several of his family members We still have few details about how it Would work but in a thread on X Yesterday world's Liberty addressed some
Of the speculation the platform said the Goal was to quote make crypto and America great by driving Mass adoption Of stable coins and decentralized Finance World Liberty also said it want Dollar pegged stable coins to remain the Quote World settlement layer and ensure The continued dominance of the US dollar That being said many in the crypto space Are still waiting for details on how This project would work and just who Stands to benefit coindesk reportedly Got its hands on a draft white paper for The project and found that 70% of the Tokens will be reserved for project Insiders of the remaining 30% for public Sale the founding team would report Ed Ly also get a portion of the proceeds we Were unable to reach World Liberty for Comment but coindesk reported that when The outlet asked an adviser about that 70% allocation to insiders they said Quote LMAO nice joke at the same time a Person close to World Liberty told Coindesk that the Project's plans Weren't finalized last we have two big Developments for companies tied to Crypto in heated legal battles with us Regulators first Robin Hood crypto B in California yesterday for nearly $4 Million the announcement came from Attorney general Rob banta's office Which said the company failed to let Customers withdraw crypto from 2018 to
2022 Robin Hood markets General councel Lucas moscowitz said in a statement we Are pleased to put this matter behind us And that the settlement fully resolves The Attorney General's concerns related To historical practices meanwhile Unis Swap settled with the cftc for for $175,000 the regulator claimed that the Firm legally offered leveraged or Margined retail commodity transactions Unis swaps Chief legal officer said in a Post on x quote we are glad to put this To rest and stay focused on building the Future of def5 for all Unis swap is also Potentially facing legal challenges from The SEC after receiving a Wells notice From the agency in April warning the Company that it identified potential Violations of us Securities Law all Right for our main story coinbase Recently executed its first AI to AI Crypto transaction so crypto world's Talia Kaplan spoke with Nam Dalal Product lead for the coinbase developer Platform to find out how it went and What we can expect from the platform now As it relates to the merging of AI and Crypto we're hearing a lot about the Integration of crypto and AI in recent Months and now we're learning that Coinbase has been getting in on the Merging of the two much hyped Technologies reporting its first AI Crypto transaction last week I want to
Start off by asking you why executing a Transaction like this was important for Coinbase what was the goal exactly yeah So first of all what I'll say is AI and Crypto is one of the hottest things in The industry and maybe even in the world Right now and I think there are a few Reasons why crypto such a great Ecosystem for AI one is is that you let You allowed to program it so you can say If this then this happens which is a Really powerful primitive for AI another Big part of it is that you can set Limits for AI and the third part of it Is that AI often can't have open a bank Account so crypto is a really really Great primitive for them so what I just Say is first we think crypto is going to Be the financial ecosystem and financial Platform for AI then what gets really Interesting is we started with AI and it Was humans interacting with AIS and so You can imagine a world where people are Paying AI you can also see a world where AIS are paying people for example you Need to talk to 20 people to make an Answer and summarize that down for a Question that you got this could be Really great examples this is what's Happened so far in the past but going Forward we're also seeing new types of Behavior so Behavior like this is like Skyfire is a platform that's building AI Agents they can basically allow these AI
Agents to be able to talk to each other So one AI agent may be super specialized It may be a WebCrawler it's looking at Certain detailed information on the web And then it's converting that and Sending that to another a agent that Needs it the really powerful part about This is you have two AI agents they need To communicate with each other and then They need to pay for the information That one is sending to the other and Crypto is a really powerful platform for That expanding on what you just said in An article shared on X on Friday Coinbase CEO Brian Armstrong announced That the platform's first AI to AI Crypto transaction is an important step To AI getting useful work done he noted That while AI agents cannot get bank Accounts like you mentioned they can get Crypto wallet And can now use usdc on the L2 Blockchain Network developed by coinbase Called Bas to transact with humans Merchants and other AI agents can you Take us through how this transaction Worked exactly and if we can expect to See more AI crypto transactions now yeah I think we'll absolutely seen many many More crypto and AI transactions and in This specific example we've been working And talking to Skyfire which is a Company that basically makes Financial Platforms for a agents and so what they
Had was they two different AI agents They needed to be able to one was doing A very specialized set of things which Was crawling the web and a need talk to Someone else that needed that Information from the web crawling and so These AI agents were able to like Interact with each other transact crypto Between each other but the funny part About all this is that what they're Transacting for is tokens which is the Raw information of what web crawling is Able to create now Armstrong pointed out That currently AI agents face Limitations in completing tasks Independent ly because of the lack of Access to traditional Financial tools Like credit cards or payment methods for Services like AWS or GitHub however he Suggested that this new capability could Allow AI to overcome these barriers how Is that possible exactly yeah absolutely First of all it's not easy for an AI to Go walk up to a bank and get an account Um and so as a result crypto isn't open We've always talk about crypto as an Open Financial system and AI is able to Easily be able to access that two is it Talks to it's very easy to talk to Machines in that they're apis that any AI can be able to write um that allow to Talk directly to the blockchain but in Addition to this there's some other Really interesting Primitives here you
Can do things like micro payments you Could send just a few cents if that's What you want to be able to do to send To a few users or a few thousand users All of this is not possible with today's Traditional banking system and this is What crypto can allow for the AI um Ecosystem what did this AI crypto Transaction reveal and now that it's out In the open are you seeing demand for Transactions like this we're seeing a Ton of demand for different AI Transactions connected to crypto and Actually we've already had Builder Grants that we have on coinbase Developer platform that we have multiple Many different parties applying for to Be able to try different interactions With crypto and AI we also have example Demo apps so if you want to go to AI Wallet demo.com we have an example where You can cook up a crypto wallet into Your AI bot um but we think that like as I mentioned earlier we think there are Three different types of use cases which Is that humans are paying AIS and that's One way in which you can use crypto cryp Uh AI agents need to be able to pay People to do certain microtasks or tasks For them as they get summary so as an Example I need to be able to summarize Down the uh feedback of a 100 different People I could go reach out to them each Of those hundred people as an AI agent I
Could pay them all in crypto and then I Could summarize that back to the Original question that I got and lastly Is this crypto crypto example which is That one crypto agent is very very Specialized in one set of tasks but it Needs other information um and so we Think that this is just going to keep Growing and probably all three of those Have a tremendous amount of growth ahead Of them now in that article I referenced Armstrong poses the question how big Will the AI to AI economy be in a few Years from now now the integration of AI And crypto has been getting a lot of Buzz recently in fact in June bitwise Asset Management forecasted that crypto And AI could add a collective 20 Trillion to the global economy by the End of the decade benek also sees the Potential of the merging of AI and Crypto in February the global investment Manager released its crypto AI Revenue Predictions forecasting Revenue will Reach 10.2 billion dollars by 2030 in Its base case what's your outlook given You work in both the crypto and AI Spaces yeah I I would just say is that I Think it's gonna be very hard to say Concrete numbers we are seeing a Tremendous amount of one activity in This space with tons of different Builders building in Ai and building in Crypto which is a really really good
Sign and two is that we're seeing real Use cases be solved often in crypto we Talk about what are the utility use Cases that are coming next and this is One ecosystem where we absolutely see Utility very very early on so I think I Would just candidly say like my like my Guess is as good as um anyone's but I I Would say most likely that this is going To be a a bigger and bigger part of our The industry In a nutshell what is coinbase's AI Strategy so coinbase has an AI strategy All across the board and we're doing Everything from AI agents that let you Answer customer support questions to be Able to uh be able to launch an app very Quickly with just asking a few questions And you get a bunch of different code Back those are different examples I Personally SP focus on the coinbase Developer platform so I really focus on Developers and what are their needs so Exactly building really quickly without Having to know the details of code is One really good example of that and Another really big part is enabling the Tools apis wallets nodes that AI W that AI agents need to be able to use the Crypto Ecosystem Dalal also explains what People can expect from the coinbase Developer platform in the near future You'll be able to check out his full
Interview over at cnbc.com Cryptoworld okay that's all for today We'll be back again tomorrow and we'll See you then
