New Stablecoin Draft Bill to be Presented by US Congress
A new draft bill in the United States provides a regulatory framework for stablecoins, stating that failure to register as a stablecoin issuer may result in up to five years in prison and a fine of $1 million. The bill was published a few days before a scheduled hearing on the topic on April 19.
Elon Musk Reiterates Concerns About AI's Potential to Cause Civilizational Destruction
Elon Musk has warned about the risk of generative artificial intelligence (AI) going rogue and potentially destroying civilization. While tech giants are developing AI to help humans, there are concerns about the dangers it may pose. Musk, the CEO of Tesla and Twitter, has been vocal about the need for regulation and caution in developing AI.
US SEC Considers Decentralized Crypto Platforms as Exchanges and Invites Public Feedback
The US SEC is seeking public feedback on its proposal to broaden the definition of an "exchange" to include decentralized crypto platforms such as DeFi platforms. The SEC's existing exchange rules would also apply to these platforms if the proposal is passed. The SEC's decision to gather more comments from the public comes after criticism from crypto firms that the plan was unclear and aimed at bringing DeFi platforms under the regulator's oversight.
SEC Commissioner Expresses Discontent with Agency's Cryptocurrency Regulation Strategy
Hester Peirce, the US SEC Commissioner, has criticized the agency's rigid regulatory approach towards new technologies and business models, including those in the crypto industry. Peirce argued that the approach does not leave room for innovation and criticized the agency for punishing entrepreneurs who fail to comply with existing regulations, rather than working with them to find practical solutions.
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