text – Earlybirds Invest

The US Securities and Exchange Commission (SEC) is facing criticism after an internal review showed that former Chair Gary Gensler’s text messages were erased between October 2022 and September 2023.

The Inspector General confirmed the records were permanently deleted, which raises concerns about how the agency manages and preserves important communications.

According to the SEC, it uses a system that wipes government-issued devices if they remain disconnected from the network for more than 45 days.

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In response, Coinbase

$2.33B

has asked a federal court in Washington, DC, to issue sanctions against the SEC, require faster discovery, and order the release of all remaining records.

In its filing, Coinbase said the destruction has caused harm that cannot be fixed and urged the court to halt a “destroy-and-delay” approach.

The company also pointed to the Freedom of Information Act disputes. The SEC first blocked Coinbase’s requests by claiming exemptions tied to law enforcement. That stance changed after Coinbase sued in June 2024.

Coinbase stated that the SEC could have processed or at least protected the records in 2023 if it had carried out timely searches.

Chief Legal Officer Paul Grewal stated in a post on X that the SEC “destroyed documents they were required to preserve and produce”, and pointed to the Inspector General’s findings as proof.

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Meanwhile, a group of international regulators and exchange associations recently asked the SEC to take a stance on tokenized stocks. What did they say? Read the full story.

What you need to know

Google rolls out a new feature exclusively for iOS users that will help break down complex texts.

This feature, dubbed “Simplify,” will use AI to spot jargon or technical text, making it easier for the user to understand.

All users need to do is tap the “Simplify” icon when it appears within the Google app, and users will see a simpler version of the highlighted text pop up on their screens

Google is rolling out an exclusive Gemini-backed feature for iOS users on its Google App. The tech giant announced this feature, dubbed “Simplify”, in the Keyword earlier today (May 6).

As the name suggests, this feature breaks down complex concepts into easily understandable text. This is particularly useful when users are trying to learn about something new on the web; they might come across content that uses jargon or technical concepts they’re not familiar with.

Google added that Simplify “uses AI to make dense text on the web easier to understand — without leaving a web page.” Thus, people can understand long, winding words seamlessly without losing their research/reading flow.

Google's experiment to test Simplify feature

(Image credit: Google)

According to the tech giant, the goal here is to simplify text while making sure that the meaning of the original text isn’t lost along the way. Google refers to this as “minimally lossy” simplification.

Before rolling out this feature on a large scale, Google Research tested this on a large cohort of nearly 4.500 participants, who were handpicked for topic expertise.

“We used 31 diverse, real-world text excerpts across domains known for complexity: medical research, biology, law, finance, literature, philosophy, aerospace, and computer science,” Google stated.

These participants were given either the original text, the simplified version, or both. Following this, these users were tested on their ability to retain the text. And were judged based on two conditions: one where they could refer back to the text while answering questions, and one where they could not.

This resulted in people who read the simplified text understanding the information significantly better and retaining it more compared to reading the original complex text.

Google Search rolls out

(Image credit: 9to5Google)

To use Simplify, select any complex text on a web page you’re visiting in the Google app. Tap the “Simplify” icon that appears, and a new window with a simpler version of the text will pop up.

iOS users with the latest version of the Google App might spot this new feature in action starting today. While it remains unclear when this could roll out to Android users, Android Central has reached out to the tech giant and will update this article when we have more information.