L'Audace
Simplicity is brilliant.
Senate Advances Crypto Regulation Bill With Bipartisan Support
Regulatory clarity and common sense will bring the institutionalization of the core cryptocurrencies (not the meme toxic waste).
‘The vote was 66 to 32 to move forward with the legislation, which would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an existing asset, often the U.S. dollar. Sixteen Democrats joined the majority of Republicans in support, acting over the opposition of most others in their party, who were concerned that President Trump and his family were inappropriately profiting from crypto.’
Why don’t the activists think that Congress will do the right thing?
Oh.
‘“The AI preemption provision is a dangerous giveaway to Big Tech CEOs who have bet everything on a society where unfinished, unaccountable AI is prematurely forced into every aspect of our lives,” said Emily Peterson-Cassin, corporate power director at non-profit Demand Progress, which drafted the letter.’
Senate advances a major crypto regulation bill on a bipartisan vote
This is the way it’s supposed to work, isn’t it?
‘Democratic support to proceed with the legislation was unlocked after a group of bipartisan negotiators — Sens. Bill Hagerty, R-Tenn; Cynthia Lummis, R-Wyo.; Mark Warner, D-Va.; Kirsten Gillibrand, D-N.Y.; Angela Alsobrooks, D-Md.; and Ruben Gallego, D-Ariz. — reached an agreement late last week on an amendment to the bill that addressed key sticking points for Democrats.
‘The amendment, which Democratic negotiators circulated over the weekend and has been obtained by NBC News, includes new changes to consumer protection safeguards and limits on tech companies issuing stablecoins, and it would extend ethics standards to special government employees — which would temporarily apply to Elon Musk and tech entrepreneur David Sacks.‘
House Includes 10-Year Ban on States Regulating AI in Budget Bill
One way of eliminating regulatory conflict. Put a ban in the legislation.
‘House Republicans surprised tech industry watchers and outraged state governments when they added a clause to Republicans’ signature “ big, beautiful ” tax bill that would ban states and localities from regulating artificial intelligence for a decade.’
Congress moves to cut off states' AI regulations
If you believe that AI is a national strategic imperative, then you might be supportive of the Congressional moves to attack AI with a thousand cuts.
If you think that AI is a juicy target precisely because it is so big and important, then you might not be too thrilled to see Lucy pull the football.
‘The moratorium, bundled in to a sweeping budget reconciliation bill this week, also threatens 30 bills the California Legislature is currently considering to regulate artificial intelligence, including one that would require reporting when an insurance company uses AI to deny health care and another that would require the makers of AI to evaluate how the tech performs before it’s used to decide on jobs, health care, or housing.
‘The California Privacy Protection Agency sent a letter to Congress Monday that says the moratorium “could rob millions of Americans of rights they already enjoy” and threatens critical privacy protections approved by California voters in 2020, such as the right to opt out of business use of automated decisionmaking technology and transparency about how their personal information is used.’
AI regulation ban meets opposition from state attorneys general over risks to US consumers
Go figure.
‘A group of 40 state attorneys general, including Republicans from Ohio, Tennessee, Arkansas, Utah and Virginia and other states, urged Congress to ditch the measure on Friday, as the U.S. House of Representatives' budget committee geared up for a Sunday night hearing.’
Do We Really Need ‘AI Regulation’?
AI doesn’t do bad things. People do bad things.
‘In the US, House Republicans have added a proposed 10-year ban on regulating AI to a major piece of tax legislation. Meanwhile, the EU already wants to ‘re-do’ the AI Act, potentially watering it down. And the UK is going nowhere fast on making new laws for AI. But…what if that’s OK?
‘In fact, what if we don’t need to ‘regulate AI’? What if regulating something as amorphous as ‘AI’ is like trying to regulate the alphabet?
‘That is to say, we should be focused on the outputs first, then consider if there are laws that already cover those phenomena.’
House Republicans include a 10-year ban on US states regulating AI in ‘big, beautiful’ bill
Is this Operation Warp Speed for AI?
‘The AI provision in the bill states that “no state or political subdivision may enforce any law or regulation regulating artificial intelligence models, artificial intelligence systems, or automated decision systems.” The language could bar regulations on systems ranging from popular commercial models like ChatGPT to those that help make decisions about who gets hired or finds housing.
‘State regulations on AI’s usage in business, research, public utilities, educational settings and government would be banned.
‘The congressional pushback against state-led AI regulation is part of a broader move led by the Trump administration to do away with policies and business approaches that have sought to limit AI’s harms and pervasive bias.’
The U.S. has struggled for crypto clarity. Canada may have the answer
Regulatory clarity brings riches.
‘Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014. The country has repeatedly evolved its regulatory guidance in recent years, while U.S. lawmakers remain stuck in gridlock — even with a pro-crypto White House and a Republican-controlled Congress.
‘That regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice.’