Emmett Shear, co-founder and former CEO of streaming service Twitch, has been appointed as the new CEO of OpenAI, after the artificial intelligence (AI) company ousted Sam Altman as its chief last week.
Turning now to Nick Day for more reaction about the sec punting approvals for both Franklin Templeton and Global X's Spot. Bitcoin ETF Nick Day is Coin Desk's global policy and regulation managing editor. He's also the editor of coin desks. State of crypto newsletter. Nick. Good morning to you. Happy Monday. Good morning. Happy a short week. Happy, happy short week. All right. A countdown to that parade. Let's let's talk about these developments. We just unpacked them with her mean at the top of the show, uh talk to us about what's going on here. Yeah, I mean, the delays are I I think not a huge surprise, everyone's kind of had this expectation that if there is an approval, we'll see these decisions happen in January. Uh you know, delays from last week are just kind of, you know, there are some deadlines at the end of uh last week and I think the middle of this week, um you know, the delays are just kind of part of that. II I think everyone's still expecting whatever is gonna happen, whether a final approval, which I think people will say is becoming increasingly likely based on you know, even today we're seeing updated s one filing, uh that seems to still be kind of upset for, you know, this January time break rather than, you know, this year. And when's the next deadline for the SCC to consider a spot ETF approval? Um I, I think we're there, I think the, there were a couple of deadlines again on Friday. Uh and there's one for the, uh, I believe it's the 21st and I believe those are all delays that we saw last week. I don't remember if there's anything else coming up before January at this point. But, um, you know, I think the middle of uh early to the middle of January 2024 is the, you know, next real deadline that everyone's keeping an eye on. Uh Nick, uh it a completely different topic but uh since succession is now, um you know, not, not on, on TV anymore. Uh Open A I seems to be the, the show everybody's watching. Um So what exactly happened here or Sam Altman was out then maybe coming back. And uh despite Microsoft putting in billions of dollars into this company, uh somehow the board of directors like, yeah, we don't care if you like him. Uh we, we're, we're just gonna pick some randos um to, to run this place instead of the guy, you bet $13 billion on. So, um the latest character here, Emmett Shear. Uh What do we know about him, he's replacing, uh, somebody else who had like a total of two days as interim CEO, uh, before she was outed. Uh, you know, uh, kicked out, um, II, I guess people, people, you know, they, they really like, uh, having women as CEO S, uh, I don't know what's going on with the board of directors there. Maybe it's, uh, I, I would sue if I were her, but that's, that's just me. Yeah, I'm not gonna lie. This was a pretty chaotic weekend. Um Honestly, it was very reminiscent of, you know, when FTX collapsed, uh except as crypto reporters and as a policy reporter, I was not covering this. Uh So that was nice. Um You know, it has to be on the other side of all this. Yeah. So, uh Stan Altman is now at Microsoft. He's going to join Greg Brockman, the former president and a board uh chair from open A I who is also uh alongside another employee going to set up, I guess, or continue working at Microsoft's in house A I team. Um I don't know if you saw this just, you know, like moments ago within the last hour and a half or so. Uh Open A I employees released a letter signed by the board member, Ilya I can that the last name. Um but the person who has been credited with ousting Sam Altman, uh basically threatening to resign if Altman isn't brought back. So it's pretty Yeah. Wait. So they're gonna, the, they're going to quit. These are, these are employees saying they're gonna quit if Altman isn't brought back, correct? And one of the signatories is the person who has been named as the, you know, figurehead, the, the spearhead of the person of the group that ousted Alton in first place. This makes no sense. Lawrence. I think you're saying we're all, we all over again. It's reminiscent of FTX. It's reminiscent of, of Twitter. It's just, yeah. Well, I want them to take over the world with a I now I feel comfortable. It is. Yeah. No, the big thing is, I think we still don't have like an actual answer as to the question of what exactly led to the ouster. You know, we've heard theories, we've seen theories all weekend, uh ranging from, you know, Altman, the security issues to, uh, you know, get a conflict with the effective altruists who are involved somehow to, you know, there's just a massive, you know, concern about, uh you know, what role people had, like, you know, whether or not the chief scientist was still in charge of. So you remember there was, don't have the final official, there was this whole thing, like, why don't we just have CEO S replaced by A I? This is a great time to do it, Lawrence. I'm the, I'm the chef