Crypto rules of the road framework unveiled by Republican senators
Sen. Tim Scott (R-SC) speaks on stage on the first day of the Republican National Convention at the Fiserv Forum on July 15, 2024 in Milwaukee, Wisconsin.
Chip Somodevilla | Getty Images
Two Republican senators are planning to debut a framework on Tuesday for a major bill that would set the rules of the road for digital assets.
According to the framework, being introduced by Senate Banking Chairman Tim Scott of South Carolina and Sen. Cynthia Lummis of Wyoming, who heads the panel’s digital assets committee, the future bill will define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission and reduce the SEC’s regulation of digital currencies.
Also signing on are Sens. Thom Tillis, R-NC, and Bill Hagerty, R-Tenn.
Those pushing the legislation say the proposed bill would also contain a “small, common-sense package of measures directed at preventing money laundering and sanctions evasion.”
“These principles will serve as an important baseline for negotiations on this bill,” Scott told CNBC in a statement. “I’m hopeful my colleagues will put politics aside and provide long-overdue clarity for digital asset regulation.”
Scott is looking to build off the bipartisan momentum around crypto on display last week, when a bill on stablecoins passed the Senate. Nearly all Republicans were joined by 18 Democrats in supporting the bill.
Taking to the Senate floor after the vote, Lummis said the bill is “only the first step,” and she called on lawmakers to finish the more complex market structure bill this year.
A House version of the market structure legislation was approved by two committees this month – the Financial Services Committee, which oversees the SEC, and Agriculture Committee, which oversees the CFTC.
While President Donald Trump said on Truth Social that the House should move “LIGHTNING FAST” on the Senate’s stablecoin bill, House Financial Services Chairman French Hill, R-Ark., said at an event that he wants stablecoin and market structure bills to move together. He avoided answering questions about whether the House would take up the Senate’s differing stablecoin bill.
The Senate Banking Committee’s subcommittee on digital assets will hold a hearing on the forthcoming bill at 3 p.m. ET.
WATCH: Circle, Coinbase shares rise after Senate passes stablecoin legislation
Nvidia CEO Jensen Huang attends a roundtable discussion at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 11, 2025.
Sarah Meyssonnier | Reuters
Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.
The sales are worth nearly $15 million at Tuesday’s opening price.
The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.
The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.
The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.
Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.
The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.
Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.
In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.
Dario Amodei, Anthropic CEO, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.
Gerry Miller | CNBC
Anthropic‘s use of books to train its artificial intelligence model Claude was “fair use” and “transformative,” a federal judge ruled late on Monday.
Amazon-backed Anthropic’s AI training did not violate the authors’ copyrights since the large language models “have not reproduced to the public a given work’s creative elements, nor even one author’s identifiable expressive style,” wrote U.S. District Judge William Alsup.
“The purpose and character of using copyrighted works to train LLMs to generate new text was quintessentially transformative,” Alsup wrote. “Like any reader aspiring to be a writer.”
The decision was a significant win for AI companies as legal battles play out over the use and application of copyrighted works in developing and training LLMs. Alsup’s ruling begins to establish the legal limits and opportunities for the industry going forward.
A spokesperson for Anthropic said in a statement that the company was “pleased” with the ruling and that the decision was, “Consistent with copyright’s purpose in enabling creativity and fostering scientific progress.”
CNBC has reached out to the plaintiffs for comment.
The lawsuit, filed in the U.S. District Court for the Northern District of California, was brought by authors Andrea Bartz, Charles Graeber and Kirk Wallace Johnson in August. The suit alleged that Anthropic built a “multibillion-dollar business by stealing hundreds of thousands of copyrighted books.”
Alsup did, however, order a trial on the pirated material that Anthropic put into its central library of content, even though the company did not use it for AI training.
“That Anthropic later bought a copy of a book it earlier stole off the internet will not absolve it of liability for the theft, but it may affect the extent of statutory damages,” the judge wrote.
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