The world of artificial intelligence (AI) is evolving at a pace that is hard to keep up with, and the implications of this technology are vast and varied. Recently, top executives from some of the world’s largest tech and web companies met with U.S. lawmakers in Washington D.C. to discuss potential approaches to AI regulation. Elon Musk, Sundar Pichai, Mark Zuckerberg, and Bill Gates were among the 22 tech titans in attendance. Musk warned about the existential risks of AI and stressed the need for regulation, a sentiment echoed by most attendees. Pichai highlighted the potential benefits of AI, while Zuckerberg advocated for open-source AI. The meeting marked an important step towards creating rules around this complex and technical issue.
In other news, Singapore’s central bank issued prohibition orders to Kyle Davies and Su Zhu, co-founders of crypto hedge fund Three Arrows Capital, over alleged violations of the country’s securities laws. The Monetary Authority of Singapore (MAS) banned the pair from regulated activities for nine years and barred them from managing, acting as a director, or being a substantial shareholder of any capital market services business in Singapore. The action comes after MAS found further securities law violations following an investigation into the bankrupt 3AC and its co-founders. Creditors claim 3AC owes up to $3.5 billion, and liquidators are seeking to recover around $1.3 billion from Zhu and Davies.
Meanwhile, Southeast Asia’s super app Grab is piloting Web3 services in Singapore in collaboration with USD Coin issuer Circle. The Grab Web3 Wallet, enabled through the integration of Circle’s new Web 3 Services platform, allows eligible users to set up a blockchain-enabled wallet, earn rewards and collectibles, and use nonfungible token (NFT) vouchers. Circle’s partnership with Grab builds on its ongoing expansion in Singapore and supports local Web3 development.
In entertainment news, a Californian lawmaker introduced a bill to protect actors, artists, and entertainers from artificial intelligence by mandating informed consent for digital replicates. Ash Kalra, the Assembly member behind the bill, argued that generative AI presents a real threat to workers in the entertainment industry and should be banned unless a bargaining agreement is made. The Screen Actors Guild and American Federation of Television and Radio Artists supported the bill, stressing the importance of protecting an actor’s digital image through consent-based laws.
Lastly, Coinbase CEO Brian Armstrong expressed his support for decentralized finance (DeFi) protocols and urged them to consider legal proceedings to set a precedent. Armstrong’s comments followed recent enforcement actions by the U.S. Commodities and Futures Trading Commission (CFTC) against three DeFi companies for alleged unauthorized trading of cryptocurrency derivatives. Armstrong and CFTC Commissioner Summer Mersinger argued that the CFTC should focus on establishing transparent regulations for DeFi rather than resorting to enforcement measures. This comes amidst increased scrutiny from U.S. regulatory authorities on cryptocurrency companies, including Coinbase and Binance.
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