How senators plan on regulating AI: Law Decoded, Sept. 4–11

Published

2 years ago

September 11, 2023

admin

Last week, two United States senators unveiled a bipartisan blueprint for artificial intelligence (AI) legislation. The framework put forward by Senators Richard Blumenthal and Josh Hawley advocates for mandatory licensing for AI firms and makes it clear that technology liability protections will not shield these companies from legal action.

The framework proposes creating a licensing system overseen by an independent regulatory body. It mandates that AI model developers register with this oversight entity, which would possess the authority to conduct audits of these licensing applicants. It also suggests that Congress should make it explicit that Section 230 of the Communications Decency Act, which provides legal protections to tech firms for third-party content, does not extend to AI applications.

Blumenthal and Hawley, who lead the Senate Judiciary Subcommittee on Privacy, Technology and Law, have also revealed plans for a hearing. This hearing will include testimony from prominent figures, such as Brad Smith, vice chairman and president of Microsoft; William Dally, chief scientist and senior vice president of research at Nvidia; and Woodrow Hartzog, professor at Boston University School of Law.

A previous attempt to start the regulatory dialogue on AI was made by Senate Majority Leader Chuck Schumer, who also introduced an AI framework in June. His framework outlined an extensive range of fundamental principles, as opposed to the more detailed measures proposed by Hawley and Blumenthal.

Australian lawmakers reject crypto bill

Australia’s Senate Committee on Economics Legislation has provided feedback on the cryptocurrency bill introduced by Senator Andrew Bragg. It recommended that the Senate not pass the bill and that the government continue to research the topic instead. Senator Bragg introduced the Digital Assets (Market Regulation) Bill 2023 in March, aiming to “protect consumers and promote investors.” The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements.

China shut down 80 crypto influencers’ accounts

Sina Weibo, one of the most popular Chinese social media apps with over 258 million daily active users, has removed 80 influencer accounts promoting cryptocurrency activities. The accounts with over 8 million total followers were accused of breaching eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges and internet safety for their role in promoting cryptocurrencies. Starting this year, China has been cracking down on private crypto-related activities due to a combination of capital flight, money laundering and the need to preserve its state-run crypto efforts.

Taiwan will restrict unregistered foreign crypto exchanges

Taiwan is reportedly planning to put restrictions on unregistered overseas crypto exchanges operating within its jurisdiction as part of its incoming guidance for virtual asset service providers (VASPs). The draft guidelines include enhancing information disclosure and require operators to set standards for reviewing listings and delistings. In addition, they also require separate custody of customer and platform assets and specify that VASPs should implement ways to prevent money laundering.

Among the 10 principles set by the FSC is a rule prohibiting foreign VASPs from illegally soliciting business in Taiwan. The FSC proposed that overseas crypto platforms that do not have a company registration in Taiwan and do not comply with its Anti-Money Laundering laws should not solicit business in Taiwan or from its citizens.

Politics

Chancellor to hold tariff crisis talks with top City executives

Published

4 hours ago

April 8, 2025

admin

Chancellor to hold tariff crisis talks with top City executives

Rachel Reeves will seek to gauge the unfolding impact of President Donald Trump’s tariffs blitz on Wednesday when she holds talks with some of the City’s top executives.

Sky News has learnt the chancellor will hold talks with bosses from companies including Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G amid ongoing volatility in global financial markets.

Insiders said the talks had been convened to help frame the Treasury’s financial services growth and competitiveness strategy.

However, they acknowledged that the fallout from US tariffs, while not directly affecting most City employers, would feature prominently on Wednesday’s agenda.

“The chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.

Ms Reeves would stress a commitment to working with international partners to reduce barriers to trade, while pursuing the best possible bilateral deal with the US, they added.

Charlie Nunn, the Lloyds boss; Antonio Simoes of L&G; and Dan Olley, Hargreaves Lansdown’s chief, will all attend the talks.

It will be the latest in a string of meetings the chancellor has held in recent weeks in a bid to boost economic growth.

Her budget last October sparked a furious backlash from the business community, while last month’s spring statement raised fresh fears about the possibility of further tax rises later this year.

None of the companies invited to Wednesday’s meeting would comment when approached by Sky News.

Politics

Crypto execs expect global banking push into Bitcoin by end of 2025

Published

9 hours ago

April 8, 2025

admin

Crypto execs expect global banking push into Bitcoin by end of 2025

Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.

Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.

According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.

“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.

Crypto adoption is not just about Trump

While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.

“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.

Banks, Paris, Bitcoin Regulation, Policy — Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph

Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:

“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”

“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.

Banks are no longer afraid of Bitcoin regulators

With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.

“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:

“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Politics

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Published

12 hours ago

April 8, 2025

admin

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.

Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.

However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.

“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:

“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”

“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.

China retaliates with new tariffs

Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.

In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.

China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.

Crypto markets watch trade outcome closely

As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.

Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.

Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.

“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:

“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”