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A bipartisan pair of senators reintroduced the Kids Online Safety Act on Tuesday with updates that aimed to address concerns that the bill could inadvertently cause more harm to the young internet users it seeks to protect. But some activists who raised those issues say the changes are still insufficient.

The bill aims to make the internet a safer place for kids to access by putting the onus on social media companies to prevent and mitigate harms that might come from their services. The new version of the bill defines a set list of harms that platforms need to take reasonable steps to mitigate, including by preventing the spread of posts promoting suicide, eating disorders, substance abuse and more. It would require those companies to undergo annual independent audits of their risks to minors and require them to enable the strongest privacy settings by default for kids.

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Congress and President Joe Biden have made clear online protections for children are a key priority, and KOSA has become one of the leading bills on the subject. KOSA has racked up a long list of more than 25 co-sponsors and the earlier version of the bill passed unanimously out of the Senate commerce committee last year. The new version of the bill has gained support from groups such as Common Sense Media, the American Psychological Association, the American Academy of Pediatrics and the Eating Disorders Coalition.

At a virtual press conference on Tuesday, Sen. Richard Blumenthal, D-Conn., who introduced the bill alongside Sen. Marsha Blackburn, R-Tenn., said that Senate Majority Leader Chuck Schumer, D-N.Y., is “a hundred percent behind this bill and efforts to protect kids online.”

While Blumenthal acknowledged it’s ultimately up to Senate leadership to figure out timing, he said, “I fully hope and expect we’ll have a vote this session.”

A Schumer spokesperson did not immediately respond to a request for comment.

Late last year, dozens of civil society groups warned Congress against passing the bill, warning it could further endanger young internet users in different ways. For example, the groups worried the bill would add pressure for online platforms to “over-moderate, including from state Attorneys General seeking to make political points about what kind of information is appropriate for young people.”

Blumenthal and Blackburn made several changes to the text in response to critiques from outside groups. They sought to more carefully tailor the legislation to limit the duty of care requirements for social media platforms to a specific set of potential harms to mental health based on evidence-backed medical information.

They also added protections for support services like the National Suicide Hotline, substance abuse groups and LGBTQ youth centers to ensure they aren’t unintentionally hampered by the bill’s requirements. Blumenthal’s office said it did not believe the duty of care would have applied to those sorts of groups, but opted to clarify it regardless.

But the changes have not been enough to placate some civil society and industry groups.

Evan Greer, director of digital rights nonprofit Fight for the Future, said Blumenthal’s office never met with the group or shared the updated text in advance of the introduction despite multiple requests. Greer acknowledged the co-sponsors’ offices met with other groups, but said in an emailed statement that “it seems they intentionally excluded groups that have specific issue-area expertise in content moderation, algorithmic recommendation, etc.”

“I’ve read through it and can say unequivocally that the changes that have been made DO NOT address the concerns that we raised in our letter,” Greer wrote. “The bill still contains a duty of care that covers content recommendation, and it still allows state Attorneys General to effectively dictate what content platforms can recommend to minors.”

“The ACLU remains strongly opposed to KOSA because it would ironically expose the very children it seeks to protect to increased harm and increased surveillance,” ACLU Senior Policy Counsel Cody Venzke said in a statement. The group joined the letter warning against its passage last year.

“KOSA’s core approach still threatens the privacy, security, and free expression of both minors and adults by deputizing platforms of all stripes to police their users and censor their content under the guise of a ‘duty of care,'” Venzke added. “To accomplish this, the bill would legitimize platforms’ already pervasive data collection to identify which users are minors when it should be seeking to curb those data abuses. Moreover, parental guidance in minors’ online lives is critical, but KOSA would mandate surveillance tools without regard to minors’ home situations or safety. KOSA would be a step backwards in making the internet a safer place for children and minors.”

At the press conference, in response to a question about Fight for the Future’s critiques, Blumenthal said the duty of care had been “very purposefully narrowed” to target certain harms.

“I think we’ve met that kind of suggestion very directly and effectively,” he said. “Obviously, our door remains open. We’re willing to hear and talk to other kinds of suggestions that are made. And we have talked to many of the groups that had great criticism and a number have actually dropped their opposition, as I think you’ll hear in response to today’s session. So I think our bill is clarified and improved in a way that meets some of the criticism. We’re not going to solve all of the problems of the world with a single bill. But we are making a measurable, very significant start.”

The bill also faced criticism from several groups that receive funding from the tech industry.

NetChoice, which has sued California over its Age-Appropriate Design Code Act and whose members include Google, Meta and TikTok, said in a press release that despite lawmakers’ attempts to respond to concerns, “unfortunately, how this bill would work in practice still requires an age verification mechanism and data collection on Americans of all ages.”

“Working out how young people should use technology is a difficult question and has always been best answered by parents,” NetChoice Vice President and General Counsel Carl Szabo said in a statement. “KOSA instead creates an oversight board of DC insiders who will replace parents in deciding what’s best for children.”

“KOSA 2.0 raises more questions than it answers,” Ari Cohn, free speech counsel TechFreedom, a think tank that’s received funding from Google, said in a statement. “What constitutes reason to know that a user is under 17 is entirely unclear, and undefined by the bill. In the face of that uncertainty, platforms will clearly have to age-verify all users to avoid liability—or worse, avoid obtaining any knowledge whatsoever and leave minors without any protections at all.”

“Protecting young people online is a broadly shared goal. But it would contradict the goals of bills such as this to impose compliance obligations that undermine the privacy and safety of teens,” said Matt Schruers, president of the Computer & Communications Industry Association, whose members include Amazon, Google, Meta and Twitter. “Governments should avoid compliance requirements that would compel digital services to collect more personal information about their users — such as geolocation information and a government-issued identification — particularly when responsible companies are instituting measures to collect and store less data on customers.”

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USDC stablecoin issuer Circle files for IPO as public markets open to crypto

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USDC stablecoin issuer Circle files for IPO as public markets open to crypto

Jeremy Allaire, Co-Founder and CEO, Circle 

David A. Grogan | CNBC

Circle, the company behind the USDC stablecoin, has filed for an initial public offering with the U.S. Securities and Exchange Commission.

The S1 lays the groundwork for Circle’s long-anticipated entry into the public markets.

While the filing does not yet disclose the number of shares or a price range, sources told Fortune that Circle plans to move forward with a public filing in late April and is targeting a market debut as early as June.

JPMorgan Chase and Citi are reportedly serving as lead underwriters, and the company is seeking a valuation between $4 billion and $5 billion, according to Fortune.

This marks Circle’s second attempt at going public. A prior SPAC merger with Concord Acquisition Corp collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance — including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York City.

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Circle is best known as the issuer of USDC, the world’s second-largest stablecoin by market capitalization.

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation.

Circle is best known as the issuer of USDC, the world’s second-largest stablecoin by market capitalization.

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation. It makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.

Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.” 

The company’s push into public markets reflects a broader moment for the crypto industry, which is navigating renewed political favor under a more crypto-friendly U.S. administration. The stablecoin sector is ramping up as the industry grows increasingly confident that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins.

Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they integrate more of them into crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin.

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

More recently, however, rhetoric around stablecoins’ ability to help preserve U.S. dollar dominance – by exporting dollar utility internationally and ensuring demand for U.S. government debt, which backs nearly all dollar-denominated stablecoins – has grown louder.

A successful IPO would make Circle one of the most prominent crypto-native firms to list on a U.S. exchange — an important signal for both investors and regulators as digital assets become more entwined with the traditional financial system.

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Hims & Hers shares rise as company adds new weight-loss medications to platform

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Hims & Hers shares rise as company adds new weight-loss medications to platform

The Hims app arranged on a smartphone in New York on Feb. 12, 2025.

Gabby Jones | Bloomberg | Getty Images

Hims & Hers Health shares closed up 5% on Tuesday after the company announced patients can access Eli Lilly‘s weight loss medication Zepbound and diabetes drug Mounjaro, as well as the generic injection liraglutide, through its platform.

Zepbound, Mounjaro and liraglutide are part of the class of weight loss medications called GLP-1s, which have exploded in popularity in recent years. Hims & Hers launched a weight loss program in late 2023, but its GLP-1 offerings have evolved as the company has contended with a volatile supply and regulatory environment.

Lilly’s weekly injections Zepbound and Mounjaro will cost patients $1,899 a month, according to the Hims & Hers website. The generic liraglutide will cost $299 a month, but it requires a daily injection and can be less effective than other GLP-1 medications.

“As we look ahead, we plan to continue to expand our weight loss offering to deliver an even more holistic, personalized experience,” Dr. Craig Primack, senior vice president of weight loss at Hims & Hers, wrote in a blog post.

A Lilly spokesperson said in a statement that the company has “no affiliation” with Hims & Hers and noted that Zepbound is available at lower costs for people who are insured for the product or for those who buy directly from the company. 

In May, Hims & Hers started prescribing compounded semaglutide, the active ingredient in Novo Nordisk‘s GLP-1 weight loss medications Ozempic and Wegovy. The offering was immensely popular and helped generate more than $225 million in revenue for the company in 2024.

But compounded drugs can traditionally only be mass produced when the branded medications treatments are in shortage. The U.S. Food and Drug Administration announced in February that the shortage of semaglutide injections products had been resolved.

That meant Hims & Hers had to largely stop offering the compounded medications, though some consumers may still be able to access personalized doses if it’s clinically applicable. 

During the company’s quarterly call with investors in February, Hims & Hers said its weight loss offerings will primarily consist of its oral medications and liraglutide. The company said it expects its weight loss offerings to generate at least $725 million in annual revenue, excluding contributions from compounded semaglutide.

But the company is still lobbying for compounded medications. A pop up on Hims & Hers’ website, which was viewed by CNBC, encourages users to “use your voice” and urge Congress and the FDA to preserve access to compounded treatments.

With Tuesday’s rally, Hims and Hers shares are up about 27% in 2025 after soaring 172% last year.

WATCH: Hims & Hers shares tumble over concerns around weight-loss business

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Meta’s head of AI research announces departure

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Meta's head of AI research announces departure

Meta CEO Mark Zuckerberg holds a smartphone as he makes a keynote speech at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024.

Manuel Orbegozo | Reuters

Meta’s head of artificial intelligence research announced Tuesday that she will be leaving the company. 

Joelle Pineau, the company’s vice president of AI research, announced her departure in a LinkedIn post, saying her last day at the social media company will be May 30. 

Her departure comes at a challenging time for Meta. CEO Mark Zuckerberg has made AI a top priority, investing billions of dollars in an effort to become the market leader ahead of rivals like OpenAI and Google.

Zuckerberg has said that it is his goal for Meta to build an AI assistant with more than 1 billion users and artificial general intelligence, which is a term used to describe computers that can think and take actions comparable to humans.

“As the world undergoes significant change, as the race for AI accelerates, and as Meta prepares for its next chapter, it is time to create space for others to pursue the work,” Pineau wrote. “I will be cheering from the sidelines, knowing that you have all the ingredients needed to build the best AI systems in the world, and to responsibly bring them into the lives of billions of people.”

Vice President of AI Research and Head of FAIR at Meta Joelle Pineau attends a technology demonstration at the META research laboratory in Paris on February 7, 2025.

Stephane De Sakutin | AFP | Getty Images

Pineau was one of Meta’s top AI researchers and led the company’s fundamental AI research unit, or FAIR, since 2023. There, she oversaw the company’s cutting-edge computer science-related studies, some of which are eventually incorporated into the company’s core apps. 

She joined the company in 2017 to lead Meta’s Montreal AI research lab. Pineau is also a computer science professor at McGill University, where she is a co-director of its reasoning and learning lab.

Some of the projects Pineau helped oversee include Meta’s open-source Llama family of AI models and other technologies like the PyTorch software for AI developers.

Pineau’s departure announcement comes a few weeks ahead of Meta’s LlamaCon AI conference on April 29. There, the company is expected to detail its latest version of Llama. Meta Chief Product Officer Chris Cox, to whom Pineau reported to, said in March that Llama 4 will help power AI agents, the latest craze in generative AI. The company is also expected to announce a standalone app for its Meta AI chatbot, CNBC reported in February

“We thank Joelle for her leadership of FAIR,” a Meta spokesperson said in a statement. “She’s been an important voice for Open Source and helped push breakthroughs to advance our products and the science behind them.” 

Pineau did not reveal her next role but said she “will be taking some time to observe and to reflect, before jumping into a new adventure.”

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