Crypto Mania Regulation Rumbles

XRP Attorney Highlights Hypocrisy in Biden’s Recent AI Executive Orders

As per the fact sheet released by the U.S. Parliament today, Mr. President has announced the applicability of a new AI Executive Order for “Safe, Secure, and Trustworthy Artificial Intelligence.” However, the entrepreneurs of the crypto world have expressed concerns regarding the probable cessation of their work freedom and more tight and restraining rules and regulations. 

Criticism By XRP-Lawyer Jeremy Hogan

Pro-XRP lawyer Jeremy Hogan questioned why the recent AI executive order was concerned about Americans’ privacy when, over the years, anti-crypto enforcement had breached the same right. “The hypocrisy is enormous,” he declared, saying that the US government constantly fought privacy in the cryptocurrency industry. The executive order, according to another attorney, Jake Chervinsky, reads similarly to how the US government has been handling the cryptocurrency industry.

Sharing of critical information 

The most advanced AI system developers are mandated by the government order to provide the US government with their safety test findings and other vital data. 

The Order will mandate that businesses creating foundation models that pose a significant risk to national security, national economic security, or national public health and safety notify the federal government when training the model and share the outcomes of all red-team safety tests in compliance with the Defence Production Act. Before businesses release AI systems to the public, these steps will guarantee that they are reliable, safe, and secure.

Who Will Be The Prime Regulatory Body?

Establish best practices and standards for identifying AI-generated information and verifying official content to safeguard Americans against fraud and deceit facilitated by artificial intelligence. To properly identify material produced by artificial intelligence, the Department of Commerce will create guidelines for watermarking and content authentication. Using these technologies, federal agencies will make it simple for citizens to verify the legitimacy of messages they receive from their government and serve as a model for governments and the business sector globally.

Congress To Pass a Data Privacy Legislation 

According to the AI Executive Order, the President has urged Congress to enact bipartisan data privacy legislation to safeguard the privacy of all Americans, especially from the threats posed by AI. The primary goal of this data privacy law should be to support the rapid advancement of privacy-preserving research and technology, such as cryptographic tools that protect people’s privacy, by establishing a Research Coordination Network. Together with this network, the National Science Foundation will encourage government agencies to implement cutting-edge privacy-preserving technology.

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