Hey there, PoI readers! 💫

It's your favorite frozen treat turned tech oracle, Mochi, back with another fresh scoop of the hottest tech and Web3 news. Today we've got layoffs, legal battles, regulatory chaos, and a CEO boldly declaring the death of apps — all before most people have finished their morning coffee. From Algorand trimming its team and Kalshi throwing hands with Arizona, to Bitcoin Depot's regulatory nightmare and Nothing's Carl Pei reimagining the smartphone, we've packed today's edition tighter than a rush-hour subway car. 🌐 So grab your favorite beverage, get comfortable, and let's dive in — this is Proof of Intel, and the intel is very much on fire today.

INTEL BRIEF

🟧 The Algorand Foundation has laid off 25% of its staff, citing crypto market turbulence and global macro uncertainty — while somehow still gearing up for a big year ahead.

🟧 Kalshi's CEO is fighting back against Arizona criminal charges, calling them a "total overstep" and framing the battle as a jurisdictional war between state authorities and the CFTC.

🟧 Bitcoin Depot is getting hit from all sides — regulatory suspensions, lawsuits, plummeting stock, and a brutal 2026 revenue outlook that would make any CFO need a lie-down.

🟧 Nothing CEO Carl Pei declared at SXSW that smartphone apps are on their way out, predicting AI agents will eventually just know what you want and do it for you.

Algorand Swung the Axe on 25% of Its Team and Called It a Strategic Decision

Algorand Foundation just dropped one anyway — cutting 25% of its workforce and blaming the classic combo of a shaky global economy and a crypto market that's been acting like it skipped leg day.

The foundation called it a "difficult decision" (as one does), describing the axed employees as "best-in-class contributors" — which, respectfully, makes it even more awkward. You're great, we just… don't need you right now. Classic.

The stated reasoning? Getting to a "more sustainable alignment" of resources with long-term priorities. Translation: trim the fat, sharpen the focus, and try not to bleed out before the bull run comes back.

Here's where it gets spicy though — Algorand isn't exactly curling up in a corner. The Foundation has a packed 2025 roadmap including the next release of developer toolkit AlgoKit, the launch of the consumer-friendly Rocca Wallet, a beefed-up commercial toolkit, and a push into post-quantum security. Ambitious? Absolutely. Ironic timing? Very much so.

It's worth noting that Algorand isn't alone in its pain. Messari also announced layoffs this week, and Bitcoin is currently sitting around $71,067 — roughly 44% below its all-time high of $126,000 hit in October. Ouch.

History isn't being subtle here either. During the 2022 bear market, Coinbase cut ~18% of staff and Gemini slashed 10%. Veteran trader Peter Brandt speculates the crypto market may not bottom out until Q3 of this year — so buckle up, this ride might still have a few more dips.

Algorand Foundation cuts 25% of staff amid crypto market downturn and global macro uncertainty

Despite layoffs, Algorand has a big 2025 roadmap — including AlgoKit updates, Rocca Wallet, and post-quantum security development

More industry layoffs could be on the horizon, with Bitcoin still ~44% below its all-time high and analysts speculating a bottom may not hit until Q3 2025

Arizona Slapped Kalshi With Criminal Charges and the CEO Came Out Swinging

Kalshi co-founder and CEO Tarek Mansour came out swinging this week after Arizona Attorney General Kris Mayes filed criminal charges against the company, alleging it ran an "illegal gambling business" in the state without a license and offered illegal election wagering.

Mansour's response? A polite but firm "absolutely not."

In a Bloomberg interview, Mansour called the charges a "total overstep" and accused Mayes of trying to "subvert the judicial process" — pointing out that Arizona filed criminal charges while Kalshi's own lawsuit against the state is still pending in court. Bold timing, Arizona. Very bold.

At the heart of this whole saga is a genuinely interesting legal question: who actually has authority over Kalshi? The company argues that the US Commodity Futures Trading Commission (CFTC) holds exclusive jurisdiction over its operations — not individual states. And they've got some backup. CFTC Chair Michael Selig — Senate-confirmed under the Trump administration — publicly stated that the criminal prosecution is "entirely inappropriate" and confirmed the CFTC is "watching closely and evaluating its options." That's regulator-speak for "don't make us come over there."

Court results so far are mixed. An Ohio judge denied Kalshi's preliminary injunction based on the CFTC argument, while a Tennessee court blocked state authorities from enforcing gambling laws against Kalshi back in February. So it's effectively 1-1 with Arizona now swinging for the fences.

Meanwhile, the broader prediction market space — including Polymarket — is already under congressional scrutiny for allegedly offering bets on US military actions, raising concerns about insider information. The industry's legal headaches? Far from over.

Arizona filed criminal charges against Kalshi, alleging illegal gambling operations and unlicensed election wagering

Kalshi CEO calls it a "total overstep," arguing the CFTC — not states — holds exclusive jurisdiction over the platform

The broader prediction markets industry faces growing legal and regulatory pressure across multiple US states and from lawmakers in Washington

Bitcoin Depot Is Drowning in Lawsuits Regulators and a Stock That Forgot How to Go Up

Connecticut's Banking Commissioner just issued a temporary cease-and-desist order against the crypto ATM giant on March 9, effectively suspending its money transmission license in the state. The alleged violations? Failing to maintain minimum net worth, charging excessive fees, and — perhaps most damaging to its reputation — providing incomplete refunds to scam victims. Not a great look for a company whose kiosks are supposed to be a trustworthy on-ramp to crypto.

And Connecticut isn't even the only problem. Bitcoin Depot is simultaneously battling a Massachusetts AG lawsuit alleging facilitation of crypto scams, an Iowa AG lawsuit alongside CoinFlip for failing to protect consumers, and a $1.9 million consent agreement with Maine that was signed just in January. The company is essentially playing regulatory whack-a-mole — and losing.

Financially, things aren't much rosier. Despite posting full-year 2025 revenue of $615 million (up 7% from 2024), net income dropped from $7.8 million to $5.1 million. Q4 revenue fell from $136.8 million to $116 million, and the company is now forecasting a 30–40% revenue decline for 2026. That's not a dip — that's a crater.

The stock? Down 56% year-to-date, sitting at $4.06 after peaking at $45.40 in June — a 91% collapse in value. And to add a cherry on top of this melting sundae, COO Elizabeth Simer resigned on March 11 with no reason given.

Everything is fine. Totally fine.

Connecticut suspended Bitcoin Depot's money transmission license citing fee violations, net worth failures, and scam-related refund issues

The company forecasts a 30–40% revenue decline in 2026 amid mounting regulatory pressure across multiple US states

Bitcoin Depot's stock has collapsed 91% from its June 2025 peak, now trading around $4.06

Nothing CEO Carl Pei Just Told Every App Developer Their Days Are Numbered

Carl Pei, co-founder and CEO of consumer electronics brand Nothing, just waltzed into SXSW and dropped a spicy take: apps are going to disappear. And honestly? He didn't sound too broken up about it.

"If you're a founder or a startup and your app is where the core value lies, that will be disrupted whether you like it or not," Pei said — presumably while startups across Austin nervously refreshed their pitch decks.

Pei's vision is bold. He argues that the smartphone experience hasn't meaningfully evolved in 20 years. Lock screens, home screens, app stores — it's essentially the same paradigm we've been using since the pre-iPhone PDA era. His example? Grabbing coffee with a friend requires bouncing across roughly four different apps — a messaging app, maps, Uber, and a calendar. In 2026. Wild, when you think about it.

His proposed solution is an AI-first device that doesn't wait to be commanded — it simply knows your intentions and acts on them. Not in the "boring" way of just booking flights when asked, but in a deeper, more personal way — one that learns your long-term goals and proactively nudges you toward them. Think ChatGPT's memory feature, but baked into your entire phone experience.

Critically, Pei argues the interface itself needs to change. The future isn't an AI agent awkwardly tapping through menus like a human — it's an interface built specifically for AI agents to use. A phone designed for the AI, not just running it.

This vision reportedly helped Nothing close a $200 million Series C last year, so investors seem to be buying what Pei is selling. Apps aren't dead today — Nothing's own OS even lets users build mini apps — but Pei believes the clock is ticking.

Nothing CEO Carl Pei predicts apps will eventually disappear, replaced by AI agents that proactively act on user intentions

His vision: a device that knows you so well it handles tasks without being explicitly told — no app-hopping required

The concept helped Nothing raise a $200 million Series C, signaling serious investor confidence in the AI-first smartphone thesis

And that's a wrap, my wonderful PoI readers! Another day, another handful of industries being turned completely upside down — and we were here for all of it. Whether you're watching the regulatory walls close in on crypto, rooting for AI to finally fix your coffee run, or just here for Mochi's questionable humor — I hope today's edition left you feeling informed, entertained, and ready to navigate whatever the market throws at you next. 💡 Stay sharp, stay curious, and as always — do your own research before making any moves out there. Until tomorrow, this is Mochi, signing off with a virtual fist bump and a freshly made mochi (obviously).

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