President Biden Amplifies AI Safety and Security Measures with Executive Order

On October 30, 2023, President Joe Biden signed a pivotal Executive Order aimed at reinforcing the safety, security, and trustworthiness of artificial intelligence (AI) technologies in the United States. This directive is part of the Biden-Harris Administration’s broader strategy to foster responsible innovation, ensuring that AI serves as a tool for enhancing public welfare, economic…

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SEC Commissioner Expresses Dissent on LBRY Case Outcome

On October 27, 2023, Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce voiced her dissent regarding the commission’s litigation against blockchain firm LBRY, Inc. (“LBRY”). This litigation emerged from the SEC’s enforcement action initiated in March 2021, accusing LBRY of conducting an unregistered securities offering through its token sales. The federal district court ruled…

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OpenAI Initiates Preparedness Team to Address AI Catastrophic Risks

OpenAI, notable for its advanced AI research and the creation of models like ChatGPT, unveiled a new initiative on October 25, 2023, targeted at addressing the multitude of risks associated with AI technologies. The initiative heralds the formation of a specialized team named “Preparedness”, devoted to monitoring, evaluating, anticipating, and mitigating catastrophic risks emanating from…

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UN convenes AI High-level Advisory Body for Global Governance

The United Nations Secretary-General is spearheading a multi-stakeholder High-level Advisory Body on Artificial Intelligence (AI). The initiative aims to harness AI’s potential for humanity while addressing its accompanying risks and uncertainties as AI technologies proliferate internationally. The comprehensive approach seeks to foster a globally inclusive ethos by analyzing and advancing recommendations for AI’s international governance….

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Taiwan’s Legislature Considers Virtual Asset Management Bill to Protect Consumers

On October 25, Taiwanese legislators tabled the Virtual Asset Management Bill before the single-chamber parliament, the Legislative Yuan. This initiative seeks to bolster consumer protection and furnish better oversight over the burgeoning digital asset sector. The 30-page document delineates several pragmatic obligations for Virtual Asset Service Providers (VASPs). Noteworthy mandates include the segregation of client…

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