United States Senator Elizabeth Warren advocates for a legal “level playing field” for cryptocurrencies and proposes restrictions on Big Tech’s development of artificial intelligence (AI) models.
Warren emphasizes the need for consistent regulations in the financial system, asserting that crypto activities should be subject to the same rules as traditional financial transactions. She seeks collaboration with the crypto industry to establish fair regulations without increasing complexity.
Despite her willingness to collaborate, Warren highlights challenges in the industry, alleging that some stakeholders advocate for leniency towards criminal activities in crypto, including ransomware, drug trafficking, and terrorism.
Warren introduces the Digital Asset Anti-Money Laundering Act, which aims to categorize decentralized technologies like blockchain nodes and noncustodial wallets as financial institutions. However, the crypto industry criticizes the bill, arguing it could stifle innovation and drive investment overseas.
The U.S. Treasury Department acknowledges that claims regarding crypto’s use in terrorism may be exaggerated, suggesting a need for a balanced approach in regulatory efforts.
Warren also targets major tech companies like Microsoft, Google, and Amazon, proposing restrictions on their development of large language models in AI. She argues that such companies’ dominance could hinder competition and innovation in emerging AI sectors.
Warren views restrictions on Big Tech’s AI development as part of her broader campaign against their market dominance. She aims to prevent these companies from leveraging their size to control new technological fields, such as chatbots, and potentially undermine smaller competitors.
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