Latest news with #IOTA
Forbes
3 days ago
- Business
- Forbes
Swarm Intelligence Is Reshaping How AI Gets Trained
A decentralized AI training swarm could be more cost effective, equitable and inclusive that current ... More closed AI training approaches. It's no secret that current AI models are built behind closed doors in secrecy and seclusion. Only a handful of Big Tech companies hold the keys to those doors, the massive server centers, petabytes of data, training pipelines and protocols. The artificial intelligence models they produce are locked away behind their self-serving black boxes of seeming techno wizardry that the public can query but never really understand, influence or change. A ballsy decentralized AI start-up called Macrocosmos wants to change that. With the relaunch of Subnet 9 on the Bittensor network — think of a subnet as a mobile phone app and Bittensor as an app store — Macrocosmos is taking the first meaningful step toward a more democratic future for artificial intelligence. The clue to how they've achieved this feat is captured in the subnet's new acronym, IOTA: Incentivized Orchestrated Training Architecture. This construct allows anyone with a graphic processing unit, no matter how modest, to help train cutting edge AI models. Based on a novel 'swarm" approach, which is a theoretical pre training strategy for AI, Macrocosmos' breakthrough resolves key challenges around data and model compression, as explained in their white paper published on Friday. At its core is a vision that reimagines how intelligence is built and who gets to participate in that process. 'We are single-minded and obsessed in our pursuit of building competitive decentralized technologies that can compete with centralized labs,' wrote Macrocosmos CTO Steffen Cruz in a post on X. Before we can understand swarm training, we need to understand the key differences between traditional AI and decentralized AI. At its simplest, decentralized AI means that the training of an AI model doesn't happen in one place or under the control of one company. Instead, it's spread out, distributed — across homes, labs, campuses and servers anywhere in the world. The same way that Bitcoin decentralized money away from centralized banks, Bittensor and Macrocosmos aim to democratize intelligence itself. This matters because AI is infiltrating more and more of our lives. It's deciding what news we see, what products we are offered, how we shop, how we interact with each other, how we work and even how we're hired. Concentrating that power within a few cabalistic computing systems risks not just privacy or fairness, but the future of innovation itself. By opening those locked doors to public participation and direct engagement, decentralized AI offers a new kind of alignment — one where users are also co-creators. 'Not only is this a new research endeavor for Macrocosmos and Bittensor, but it's something bigger and more personal to us,' Cruz added. 'We are scientists, researchers and developers.' Swarm training, as deployed by Macrocosmos through IOTA, takes cues from the natural world. Similar to how a swarm of bees, school of fish or a flock of birds can accomplish complex navigation without central control, this novel subnet enables thousands of independent machines to orchestrate and collaborate on training a single massive AI model. Instead of forcing each network participant to download and run the full model — a costly and impractical ask — Macrocosmos uses a technique called model parallelism. Each subnet member — also called a miner since their actions 'mine' actual monetary incentives that benefit the entire network — trains just one slice of the model, typically a few layers of the neural network. As data flows through those individual layers, each miner processes their portion and passes the output forward. Then, a lightning fast reverse review grades how far off the model was and adjusts miner payouts accordingly. This approach isn't just efficient than centralized methods — it's more inclusive. Rather than requiring top-tier hardware, the architecture allows both low- and high-compute participants to contribute meaningfully. This breaks down the barriers to entry that have long kept open-source communities at the margins of AI model training. To understand the difference between how traditional AI models are trained and what Macrocosmos is doing, this graphic offers a useful side-by-side comparison: This side-by-side comparison depicts the differences between centralized and decentralized AI ... More training. In centralized training, one model is split into layers that are tightly linked across GPUs within a single data center. Everything is optimized for high-speed local connections. But this setup is expensive, exclusive and closed. In contrast, the decentralized swarm training distributes different layers of the model across a global network of contributors or miners. Each of these individuals handles a piece of the workload and communicates their results with others. The swarm system regularly syncs up all the parts into a single, shared model. Instead of requiring giant compute clusters, it leverages a far flung spectrum of connected devices — ranging from a personal desktop GPU to larger industrial setups. The outcome? Lower costs, more transparency and an AI model built by the many, not the few. However, training models this way has its challenges. Internet bandwidth is a lot slower than the fiber optics inside a data center. And decentralized participants can drop out, try to cheat the incentive system or go offline at a moment's notice without warning. While some of those issues are beyond Macrocosmos' control, they have developed an elegant solution for potential problems tied to miner incentives and rewards. The design of its new IOTA network overcomes three big challenges: In this video clip, the firm's co-founders Cruz and Will Squires discuss why decentralized training matters, and how it can open a new era for AI. This is more than a technical upgrade — it's a seismic philosophical shift. For years, decentralized AI projects have relied on centralized training behind the scenes. Macrocosmos is finally changing that. 'The time has come for us to move forward as a community and tackle new challenges in model training. This is an imperative for Bittensor. The competition are at our heels,' Cruz added. 'We beat nation states, we tirelessly benchmarked our progress and we shared our findings in our white paper. It was a fantastic experiment, and we pushed it far beyond its original design.' This effort to distribute AI's compute and ownership to all comers through swarm training enables a future reality where AI isn't something reserved for elite power brokers while inferential dregs are grudgingly dripped to the masses. It's a collective thing we build together. Macrocosmos is taking decentralized training out of Big Tech's locked, walled garden and into the wild. If they're successful, the next breakthrough frontier AI model might not come from OpenAI, Google or Meta — but rather from a swarm of us.
Yahoo
02-05-2025
- Business
- Yahoo
Crypto Daybook Americas: All Eyes on Jobs, Fed as Bitcoin Prepares for Breakout Rally
By Francisco Rodrigues (All times ET unless indicated otherwise) Markets seem bullish ahead of the jobs report due later Friday, with bitcoin (BTC) rising toward $97,000 after stocks rose for an eighth straight day on Thursday. That gave the S&P 500 its longest rally since August as investors grew more confident that trade tensions between Washington and Beijing are cooling. Still, the CoinDesk 20 (CD20) index is little changed over the last 24 hours with the drop in first-quarter GDP pointing to economic strain from the trade war. While traders are now betting the Federal Reserve could cut interest-rates four times this year — one more than they'd priced in before the reciprocal tariffs were announced — personal consumption expenditures (PCE), the Fed's preferred measure of inflation came in above forecasts, which limits the central bank's room for easing, said James Butterfill, the head of research at CoinShares. Today's payrolls data remains a 'critical piece of the puzzle,' he said. 'When the Fed eventually decides to cut rates, it is likely to do so in a knee-jerk and forceful manner — reacting to a significant deterioration in economic conditions rather than being proactive. Such a dramatic policy shift could act as a catalyst for a significant breakout rally in bitcoin, as investors seek alternative stores of value amid aggressive monetary easing,' Butterfill said. That policy shift could align with bitcoin's historical performance. Since 2013, the cryptocurrency has seen an average gain of 7.52% in May, according to CoinGlass data. And it's not alone: ether (ETH), which has been significantly underperforming BTC, has posted an average gain of 27.3% in May since 2016, the best-performing month for the Ethereum blockchain's token. 'Investor confidence is gradually returning to crypto markets following a volatile start to the year, with April seeing a rebound across majors as tariff-driven macro fears eased,' said Vijay Chetty, CEO of Eclipse. Growing regulatory clarity is an 'underappreciated catalyst that will set the stage for broader institutional use cases,' Chetty added. Stay alert! Crypto: May 5, 3 a.m.: IOTA's Rebased network upgrade starts. Rebased moves IOTA to a new network, boosting capacity to as many as 50,000 transactions per second, offering staking rewards of 10%-15% a year and adding support for MoveVM smart contracts. May 5, 11 a.m.: The Crescendo network upgrade goes live on the Kaspa (KAS) mainnet. This upgrade boosts the network's performance by increasing the block production rate to 10 blocks per second from 1 block per second. May 6: Casper Network (CSPR) launches its 2.0 mainnet upgrade, introducing faster transactions, enhanced smart contracts, and improved staking features to boost enterprise adoption. May 7, 6:05 a.m.: The Pectra hard fork network upgrade will get activated on the Ethereum (ETH) mainnet at epoch 364032. Pectra combines two major components: the Prague execution layer hard fork and the Electra consensus layer upgrade. Macro May 2, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases April employment data. Nonfarm Payrolls Est. 130K vs. Prev. 228K Unemployment Rate Est. 4.2% vs. Prev. 4.2% May 2, 9 a.m.: S&P Global releases Brazil April purchasing managers' index (PMI) data. Manufacturing PMI Prev. 51.8 May 2, 11 a.m.: S&P Global releases Mexico April purchasing managers' index (PMI) data. Manufacturing PMI Prev. 46.5 May 5, 9:45 a.m.: S&P Global releases (Final) U.S. April purchasing managers' index (PMI) data. Composite PMI Est. 51.2 vs. Prev. 53.5 Services PMI Est. 51.4 vs. Prev. 54.4 May 5, 10:00 a.m.: Institute for Supply Management (ISM) releases U.S. April economic activity data. Services PMI Est. 50.6 vs. Prev. 50.8 Earnings (Estimates based on FactSet data) May 6: Cipher Mining (CIFR), pre-market, $-0.07 May 8: Coinbase Global (COIN), post-market, $2.08 May 8: Hut 8 (HUT), pre-market May 8: MARA Holdings (MARA), post-market Governance votes & calls Compound DAO is voting on moving 35,200 COMP (~$1.5 m) into a multisig safe to test selling covered calls on COMP for USDC, lend that USDC in Compound for extra yield, then use the returns to buy back COMP and repeat—targeting roughly 15 % annual gain. Voting ends May 2. May 5, 4 p.m.: Livepeer (LPT) to host a Treasury Talk session on Discord. Unlocks May 2: Ethena (ENA) to unlock 3.10% of its circulating supply worth $53.44 million. May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.84 million. May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $9.85 million. May 11: Solayer (LAYER) to unlock 12.87% of its circulating supply worth $79.71 million. May 12: Aptos (APT) to unlock 1.82% of its circulating supply worth $62.09 million. Token Launches May 2: Binance to delist Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING). May 5: Sonic (S) to be listed on Kraken. CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. May 6-7: Financial Times Digital Assets Summit (London) May 11-17: Canada Crypto Week (Toronto) May 12-13: Dubai FinTech Summit May 12-13: Filecoin (FIL) Developer Summit (Toronto) May 12-13: Latest in DeFi Research (TLDR) Conference (New York) May 12-14: ACI's 9th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems (New York) May 13: Blockchain Futurist Conference (Toronto) May 13: ETHWomen (Toronto) May 14-16: CoinDesk's Consensus 2025 (Toronto) By Shaurya Malwa Memecoin discussions are rising, while interest in layer-1 and layer-2 tokens is declining, signaling a shift toward speculative trading behavior, according to a Santiment report on Thursday. Retail investors are embracing hype-driven buying, favoring short-term gains over fundamentals. Market timing may be off, as historically the best altcoin entry points occur when crowd sentiment is low — not when terms like "altseason" and "bull cycle" are trending, the report said. Mentions of 'buying crypto' have spiked, especially on dips, suggesting widespread eagerness and potentially premature confidence. Overconfident markets often face sharp corrections, especially when traders expect nonstop gains. As May begins, it remains to be seen if this altcoin surge is sustainable or simply another hype-driven blip. BTC's current ascent appears structurally fragile, with a -$30 million liquidity delta across the 1% order book despite a 2.7% price rise since the start of the month, CoinGlass data show. This reduction in top-of-book liquidity as the price climbs leaves a thinner order book with an increasing the risk of slippage and volatility if momentum stalls. Liquidation heatmaps reveal sizable clusters at $97.6K ($67 million) and $96.1K ($58 million), reinforcing these zones as potential inflection points for intraday, volatility-driven reversals or stop-driven extensions. Binance funding rates show a sharp divergence in sentiment across major tokens, with APT, TON, UNI and XRP hitting +10.95% APR, while USDE (-29.73%), BNB (-19.06%), and SUI (-10.26%) reflect more intensive short-side pressure, Velo data shows. The concentration of elevated funding among large caps indicates directional long bias, while deeply negative rates in select altcoins suggest either event-driven shorts or systematic derisking. Open-interest (OI) rotation is flowing into low-cap, niche assets; with PUNDIX (+191%) and HAEDAL (+157%) leading 24-hour OI gains, according to Velo data. As open interest broadens out, market sensitivity to catalysts may increase across low to mid-cap tokens. BTC is up 2.27% from 4 p.m. ET Thursday at $96,817.27 (24hrs: +0.54%) ETH is up 1.48% at $1,822.64 (24hrs: -0.82%) CoinDesk 20 is up 1.39% at 2,781.37 (24hrs: -0.32%) Ether CESR Composite Staking Rate is down 9 bps at 2.958% BTC funding rate is at -0.0093% (-10.2251% annualized) on Binance DXY is down 0.51% at 99.74 Gold is up 0.62% at $3,258.47/oz Silver is unchanged at $32.38/oz Nikkei 225 closed +1.04% at 36,830.69 Hang Seng closed +1.74% at 22,504.68 FTSE is up 0.75% at 8,560.68 Euro Stoxx 50 is up 1.48% at 5,236.81 DJIA closed on Thursday +0.21% at 40,752.96 S&P 500 closed +0.63% at 5,604.14 Nasdaq closed +1.52% at 17,710.74 S&P/TSX Composite Index closed -0.19% at 24,795.55 S&P 40 Latin America closed -0.25% at 2,523.42 U.S. 10-year Treasury rate is up 8 bps at 4.23% E-mini S&P 500 futures are up 0.47% at 5,649.50 E-mini Nasdaq-100 futures are up 0.33% at 19,935.75 E-mini Dow Jones Industrial Average Index futures are up 0.47% at 41,045.00 BTC Dominance: 64.85 (+0.16%) Ethereum to bitcoin ratio: 0.1886 (-1.0%) Hashrate (seven-day moving average): 847 EH/s Hashprice (spot): $49.98 Total Fees: 5.51 BTC / $533,450.65 CME Futures Open Interest: 141,430 BTC BTC priced in gold: 29.8 oz BTC vs gold market cap: 8.46% Ether has reclaimed its previous swing low, with the $1,750 level now acting as a key support zone. On the daily timeframe, price action is compressing between the 20- and 50-day exponential moving averages — a setup that often precedes a directional breakout. Assuming bitcoin remains in consolidation near its current resistance, ether has room to push higher, potentially retesting the prior range low around $2,100, which aligns with the 100-day EMA, adding further evidence for this as a target. Strategy (MSTR): closed on Thursday at $381.6 (+0.39%), up 1.37% at $386.82 in pre-market Coinbase Global (COIN): closed at $201.3 (-0.78%), up 0.56% at $202.42 Galaxy Digital Holdings (GLXY): closed at $24.05 (+9.72%) MARA Holdings (MARA): closed at $14.05 (+5.09%), down 0.14% at $14.03 Riot Platforms (RIOT): closed at $7.77 (+7.32%), down 1.93% at $7.62 Core Scientific (CORZ): closed at $8.55 (+5.56%), up 0.58% at $8.60 CleanSpark (CLSK): closed at $8.67 (+6.12%), up 0.69% at $8.73 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.59 (+6.65%) Semler Scientific (SMLR): closed at $33.33 (+3.09%) Exodus Movement (EXOD): closed at $40.38 (+3.43%), up 4.95% at $42.38 Spot BTC ETFs: Daily net flow: $422.5 million Cumulative net flows: $39.53 billion Total BTC holdings ~ 1.15 million Spot ETH ETFs Daily net flows: $6.5 million Cumulative net flows: $2.51 billion Total ETH holdings ~ 3.45 million Source: Farside Investors Data from BitcoinCounterFlow comparing BTC's performance from the bottom of each of the last three cycles suggests the top isn't in yet. If history is any guide, the current trajectory around day 700–800 implies we're entering a phase that could develop into the steep rally seen in prior cycles. The smoother rise this time may be a reflection of the increased institutional participation in the cryptocurrency ecosystem. Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal (CoinDesk): Co-founder Manche was suspended after Coinbase delisted MOVE following reports that a market maker tied to Web3Port dumped over 5% of the token's supply, triggering a crash. China Is Considering Trade Talks With U.S., but It Has Conditions (The New York Times): China's Commerce Ministry said it won't enter trade talks unless U.S. tariffs are dropped, calling their removal the only way to demonstrate sincerity and rebuild trust. Metaplanet Issues $25M Bonds to Buy More Bitcoin (CoinDesk): EVO FUND purchased 3.6 billion yen ($24.8 million) of zero-coupon debt from Metaplanet, which intends to buy more bitcoin after recently exceeding 5,000 BTC. UK's FCA Seeks Public and Industry Views on Crypto Regulation (CoinDesk): The Financial Conduct Authority is seeking feedback on staking, lending, intermediaries and decentralized finance. How China Is Quietly Diversifying From US Treasuries (Financial Times): China is reallocating reserves into gold, mortgage-backed securities and assets managed in places like Hong Kong, reducing reliance on dollar-denominated assets that could be sanctioned or frozen. Eurozone Inflation Holds Above Target as ECB Weighs Cuts (Bloomberg): Eurozone inflation held steady at 2.2% in April, defying expectations of a slowdown, while core inflation jumped to 2.7%. Sign in to access your portfolio
Business Wire
23-04-2025
- Business
- Business Wire
Aurion Biotech Appoints Edward J. Holland, M.D., as Chief Medical Officer and Eris P. Jordan, O.D., as Chief Development Officer
SEATTLE & CAMBRIDGE, Mass. & TOKYO--(BUSINESS WIRE)--Aurion Biotech, a clinical-stage regenerative medicine company whose mission is to restore vision to millions of patients, today announced the appointments of Edward J. Holland, M.D., as Chief Medical Officer, and Eris P. Jordan, O.D., as Chief Development Officer. Aurion Biotech is developing AURN001, an investigational, single-administration, allogeneic cell therapy for the treatment of corneal edema secondary to corneal endothelial disease, a condition that causes progressive vision loss in millions of people worldwide. Dr. Holland has been a key supporter of Aurion since its inception, serving as Chair of the Medical Advisory Board and leading the first team of U.S. corneal surgeons to deliver the cell therapy developed by Aurion Biotech, based on foundational technology from Professor Shigeru Kinoshita at Kyoto Prefecture University of Medicine. His insights and clinical leadership have helped shape the trajectory of Aurion's development program. Dr. Jordan, a co-founder of Aurion, has been instrumental at every stage of the company's clinical journey. She led the foundational clinical trials in El Salvador, including the IOTA and ESCALON studies, and has since overseen the expansion of Aurion's clinical development program into North America. Her contributions have brought Aurion's mission to life — grounded in tireless advocacy for patients and deep collaboration with the global corneal surgeon community. 'I've had the privilege of knowing Dr. Holland for over a decade,' said Arnaud Lacoste, Ph.D., M.B.A., Chief Executive Officer of Aurion. 'His dedication to patients and his leadership in corneal care have been instrumental to the success of our program. His appointment as Chief Medical Officer further strengthens our clinical and scientific foundation as we move toward late-stage development and, ultimately, broader patient access.' 'Over the past four years, Dr. Jordan has poured her heart into this program,' Lacoste continued. 'Her leadership of our global clinical trials has been extraordinary, and her commitment to patients and surgeons alike reflects who we are as a company. I'm honored to continue working with Eris as Chief Development Officer.' Dr. Holland added, 'Joining Aurion in this capacity is both exciting and deeply meaningful. I've seen firsthand the transformative potential of AURN001, and I look forward to helping the team bring this therapy to patients who urgently need new options.' Dr. Jordan commented, 'This program has always been about patients — those we've met and those still waiting. I'm grateful to lead the development of AURN001, and to work alongside a team so deeply committed to scientific excellence and to the people we serve.' About Edward J. Holland, M.D. Dr. Holland is a globally recognized leader in cornea and external disease. His numerous honors include the Senior Achievement and Life Achievement Honor Awards from the American Academy of Ophthalmology, the Binkhorst and Lindstrom Medals from the American Society of Cataract and Refractive Surgery, and the Castroviejo Award from the Cornea Society. He has been named among the 'Best Doctors in America' and has published extensively in both basic and clinical research, with over 300 peer-reviewed articles. Dr. Holland was the co-principal investigator of the Cornea Donor Study, the largest clinical trial ever conducted in the field of cornea, and he has co-edited five editions of Cornea, the most widely read textbook on corneal disease and surgery. About Eris P. Jordan, O.D. Dr. Jordan brings over two decades of experience across clinical practice and the ophthalmic industry, and she continues to serve as a practicing clinician specializing in cornea and anterior segment. Prior to co-founding Aurion Biotech and serving as Vice President of Clinical and Medical Affairs, she held leadership roles including Senior Director of Medical Affairs at CorneaGen, Clinical Team Lead and Surgeon Educator at AcuFocus, Inc., and Executive Clinical Outcomes Specialist in Bausch & Lomb's surgical division. Before transitioning to industry, Dr. Jordan spent a decade in direct patient care and served as Clinic Director for a cornea and anterior segment surgical practice. She completed her post-graduate training at the Bascom Palmer Eye Institute—the top-ranked U.S. eye care institute—and earned both her Doctor of Optometry and Bachelor of Optical Sciences degrees in a fast-tracked program from Salus University, graduating with highest clinical honors. About Aurion Biotech Aurion Biotech's mission is to restore vision to millions of patients with life-changing regenerative therapies. The company is developing AURN001, an investigational cell therapy for corneal endothelial disease. AURN001 is the first cell therapy for the corneal endothelium to be commercially launched (in Japan) and is advancing through clinical development in North America. Aurion received the prestigious Prix Galien award for Best Start-Up in Biotech in 2022. In 2025, Alcon acquired majority ownership of Aurion Biotech. For more information, visit
Yahoo
12-03-2025
- Business
- Yahoo
Florida legal aid groups warn bank-backed legislation could slash their funding
A long-simmering feud over the money that banks pay to legal aid organizations to fund legal help for the poor is in front of the Legislature again. Florida bankers are supporting a bill (SB 498) to cap the rate paid on interest on trust accounts (IOTA). An attorney trust account is a special bank account used to hold client funds separately from a lawyer's business funds to follow legal and ethical rules. Legal aid organizations believe the move will cut their budgets, preventing them from providing services to those in need, including veterans seeking to access benefits, hurricane victims, families looking to adopt and more. 'The changes proposed would come at expense of vulnerable Floridians who rely on Florida legal aid programs even though those banks are not required to participate in the program,' said Leslie Powell-Boudreaux, executive director of Legal Services of North Florida. Because of a change made by the Florida Supreme Court in 2023, banks were required to pay out rates on trust accounts that were tied to the Wall Street Journal Prime Rate, which averages rates made on loans. That rate was higher than the prior IOTA rate rule, and combined with the surge in interest rates set by the Federal Reserve which drove loan rates higher, it resulted in a massive boost to the interest paid on trust accounts and the funds received by legal aid groups. In the 2021-22 fiscal year, IOTA funds provided $9.5 million to Funding Florida Legal Aid, the group formerly known as the Florida Bar Foundation. It provides money to legal services groups around the state. In the 2024-25 year, the funds jumped to $280 million, or about 29½ times more. Through the first six months of the current fiscal year, IOTA funds ran up to $155.4 million. Bankers argue the new higher rates they pay on trust accounts are unfair. Trust accounts involved a high volume of transactions and more work for the banks to maintain, while paying higher rates than they do for other low-volume accounts they maintain. 'We are fully in support of legal aid but it's got to be done in a way that makes sense,' said Dennis Murphy, president and CEO of Gulfside Bank, a Sarasota-based bank. 'These accounts literally have hundreds if not sometimes thousands of in-and-out type of transactions on a monthly basis,' he added. 'The rule change ... doesn't allow us to offset the interest with wire fees and all the other transactions we've got.' The banks in support of the bill also claim the rule change by the court was an inappropriate regulation of their business by the justices; the legal aid groups argue it was a change in the rules for lawyers. The Florida Bankers Association asked the court to reconsider its decision but the Florida Supreme Court rejected that move in August 2024. The court did approve of allowing the FFLA to set aside $143 million in its current budget for reserves – more than half of the $280 million it received. For the bankers, this showed that the legal aid groups can't spend all the money they've received in the last few years and the rate for IOTAs should be lowered. But legal aid groups counter that the reserves will allow them to mitigate for fluctuations in interest rates that could lead to lean times in the years ahead. The bill passed through the Senate Judiciary Committee on Wednesday on a 7-2 vote, with two Democrats, Sens. Lori Berman of Lantana and Rosalyn Osgood of Tamarac voting against it. Another Democrat, Sen. Tina Polsky of Boca Raton, voted with Republicans in favor of it. Berman noted that banks don't have to participate in the IOTA program. As of December, 170 banks offer IOTA to lawyers, 16 more than in March 2023 when the Florida Supreme Court issued the rule change. 'I would like to see us have a dedicated funding source for legal aid,' Berman said. 'I would like to see a resolution where everybody can get on board … but until that time I'm going to support what the Florida courts have done.' Sen. Don Gaetz, R-Niceville, noted that while the bill might cut funding for legal aid groups, they have so much stored away in reserves it wouldn't disturb services for those in need. Saying he was a supporter of legal aid, he still took issue with how the courts made the change in the first place. 'I'm troubled that the Supreme Court would tell banks what interest rates they have to pay,' he said. The bill faces two more committee hurdles in the Senate before reaching the floor in that chamber. Its companion measure (HB 173) hasn't yet received a hearing in the House. Last year, a similar bill advanced in the Senate but didn't gain traction in the House. Gray Rohrer is a reporter with the USA TODAY Network-Florida Capital Bureau. He can be reached at grohrer@ Follow him on X: @GrayRohrer. This article originally appeared on Tallahassee Democrat: Senate panel advances bill limiting legal aid funding from banks
