Last week, two United States senators, Richard Blumenthal and Josh Hawley, unveiled a bipartisan blueprint for legislation on artificial intelligence (AI). The framework proposed by the senators calls for mandatory licensing for AI firms and emphasizes that technology liability protections will not exempt these companies from legal action.
The framework suggests the establishment of a licensing system overseen by an independent regulatory body. It mandates that AI model developers register with this oversight entity, which would have the authority to conduct audits of these licensing applicants. Additionally, the framework proposes that Section 230 of the Communications Decency Act, which provides legal protections to tech firms for third-party content, should not be applicable to AI applications.
Blumenthal and Hawley, who lead the Senate Judiciary Subcommittee on Privacy, Technology, and Law, have also announced plans for a hearing. This hearing will feature testimony from prominent figures in the field of AI, 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.
It’s worth noting that this is not the first attempt to initiate a regulatory dialogue on AI. Senate Majority Leader Chuck Schumer also introduced an AI framework in June, albeit one that focused more on establishing fundamental principles rather than detailed measures like those proposed by Hawley and Blumenthal.
In other news, the Senate Committee on Economics Legislation in Australia has provided feedback on a cryptocurrency bill introduced by Senator Andrew Bragg. The committee recommended that the bill not be passed and that the government continue its research on the topic instead. Senator Bragg introduced the Digital Assets (Market Regulation) Bill 2023 in March, aiming to protect consumers and promote investor security. The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements.
Meanwhile, in China, the popular social media app Sina Weibo has removed 80 influencer accounts that were found to be promoting cryptocurrency activities. These accounts, with a total of over 8 million followers, were accused of violating various regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. China has been cracking down on private crypto-related activities this year, motivated by concerns over capital flight, money laundering, and the need to maintain control over its state-run crypto efforts.
Taiwan is also taking steps to regulate the cryptocurrency industry. The country is reportedly planning to impose restrictions on unregistered overseas crypto exchanges operating within its jurisdiction. The draft guidelines for virtual asset service providers (VASPs) include requirements for enhanced information disclosure, separate custody of customer and platform assets, and the implementation of measures to prevent money laundering. Foreign VASPs that do not have a company registration in Taiwan and fail to comply with its Anti-Money Laundering laws will be prohibited from soliciting business in Taiwan or from its citizens.
In conclusion, lawmakers in different countries are taking proactive measures to regulate the rapidly developing field of artificial intelligence and the cryptocurrency industry. These efforts aim to ensure consumer protection, promote investor security, and address concerns such as money laundering and the potential risks associated with emerging technologies.
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