US lawmakers are taking action right after Europe’s new artificial intelligence law. This week, they passed a new law in the US to set up a commission to regulate its approach to artificial intelligence. AI coins are priced upwards with the latest developments making their use cases official.
US lawmakers act soon after Europe’s new artificial intelligence law
cryptocoin.com We gave details about the EU AI Law passed by the European Parliament last week. On the US side, legislation is being passed to set up a commission to study its approach to artificial intelligence. The focus of this move will be on issues of regulating artificial intelligence. Previously, technology leaders such as Elon Musk had called the whole world to take a break from AI studies.
In recent developments, US Congressman Ted W. Lieu, Ken Buck, and Congressman Anna Eshoo introduced the National AI Commission Act, bipartisan and bicameral legislation to create a national commission in the field of Artificial Intelligence (AI). The goal is to develop a framework for AI regulation. Panel with Ken Buck on AI regulations on June 16:
In a bipartisan fireside chat next Thursday, June 22, @RepTedLieu and @RepKenBuck will discuss what types of #AI should be regulated, what standards should apply, and who should regulate it. Learn more and RSVP to attend in person or online: https://t.co/WXGLuTWBH7 pic.twitter.com/YMOPZ6CA24
— Georgetown Law Tech Institute (@GtownTechLaw) June 16, 2023
Prepares comprehensive framework for AI regulations in the US
The new law specifically focuses on preventing technology damage. Congressman Lieu warns that technology can cause significant harm if left unchecked and unregulated. Therefore, a statement from lawmakers stated that the commission will combine experts, government, industry and labor to advise on the best ways to move forward in AI regulation:
The bipartisan, blue-ribbon commission will review the United States’ current approach to AI regulation, make recommendations on any new office or government structures that may be necessary, and develop a risk-based framework for AI.
Will the US moderate on AI?
Merve Hickok, Head of the Center for AI and Digital Policy, expressed her support for the National Artificial Intelligence Commission. He said the proposal is timely and crucial as it will establish fundamental regulations for AI and facilitate public participation in shaping the country’s AI strategy. The center has previously warned of the United States’ unpreparedness to address future AI challenges.
Notably, the move by the US regulator SEC to centralized exchanges in June has pushed the country into a cold spot over its approach to cryptocurrencies.
How does the AI coin market react to regulatory news?
The AI coin market evaluates the momentum of Bitcoin climbing to 30 thousand dollars in double digits. According to CMC data, the most rising AI projects during the hours when new regulations are on the agenda are as follows:
- VRA (Verasity): +27.76%
- BDP (Big Data Protocol): +14.48%
- INJ (Injective): +18.42%
- RNDR (Render Token): +1745%
- FET (Fetch.ai): +13.86%
- VAI (VAIOT): +17.52%
- YF-DAI (YFDAI.FINANCE): +21.84%
