Cointime

Download App
iOS & Android

Senators unveil bipartisan blueprint for comprehensive AI regulation

Validated Media

Two United States senators unveiled a bipartisan blueprint for artificial intelligence (AI) legislation on Friday, Sept. 8, as Congress intensifies its endeavors to regulate the emerging technology.

The framework put forward by Senators Richard Blumenthal and Josh Hawley advocates for mandatory licensing for AI firms and makes it clear that technology liability protections will not shield these companies from legal actions.

In a statement on X (formerly Twitter), Blumenthal expressed that this bipartisan framework represents a significant step forward — a robust and comprehensive legislative plan for concrete and enforceable AI safeguards. It is expected to be a guide in managing the potential benefits and risks of AI technology.

Hawley emphasized that the principles outlined in this framework should serve as the foundational basis for Congress to take action regarding AI regulation.

“We’ll continue hearings with industry leaders and experts, as well as other conversations and fact-finding to build a coalition of support for legislation.”

The framework proposes creating a licensing system overseen by an independent regulatory body. It mandates that AI model developers register with this oversight entity, which would possess the authority to conduct audits of these licensing applicants.

Image of the AI framework. Source: X

Additionally, the framework suggests that Congress should make it explicit that Section 230 of the Communications Decency Act, which provides legal protections to tech firms for third-party content, does not extend to AI applications. Other sections of the framework advocate for corporate transparency, consumer and child protection, as well as national security safeguards.

Blumenthal and Hawley, who lead the Senate Judiciary Subcommittee on Privacy, Technology and Law, have also revealed plans for a hearing. This hearing will include testimony from prominent figures such as Brad Smith, the vice chairman and president of Microsoft; William Dally, the chief scientist and senior vice president of research at NVIDIA; and Woodrow Hartzog, professor at Boston University School of Law.

The unveiling of this framework and the accompanying hearing announcement precedes Senate Majority Leader Chuck Schumer’s AI forum. The forum is set to feature leaders from major AI firms who will provide lawmakers with insights into the potential advantages and risks associated with AI.

Schumer also introduced an AI framework in June. His framework outlined an extensive range of fundamental principles, as opposed to the more detailed measures proposed by Hawley and Blumenthal.

Comments

All Comments

Recommended for you

  • Putin: Russia "supports" Harris, calls her smile "contagious"

    According to foreign media such as TASS and Russia's Sputnik News, Jinse Finance reported that on the afternoon of September 5th local time, Russian President Putin said at the plenary session of the Eastern Economic Forum 2024 that Russia will "support" the US Democratic Party presidential candidate and vice president Harris as recommended by the US President Biden in the upcoming US presidential election. When asked how he viewed the 2024 US election, Putin said it was the choice of the American people. The new US president will be elected by the American people, and Russia will respect the choice of the American people. Putin also said that just as Biden suggested his supporters to support Harris, "we will do the same, we will support her." The report said that Putin also joked that Harris' laughter is "expressive and infectious," which shows that "she is doing everything well." He added that this may mean that she will avoid further sanctions against Russia.

  • An ETH whale repurchased 5,153 ETH with 12.23 million USDT 20 minutes ago

    A certain high-frequency trading ETH whale monitored by on-chain analyst Yu Jin bought 5,153 ETH with 12.23 million USDT 20 minutes ago.

  • CFTC: Uniswap Labs has actively cooperated with the investigation and only needs to pay a fine of US$175,000

    The CFTC has filed a lawsuit against Uniswap Labs and reached a settlement. It was found that Uniswap Labs illegally provided leveraged or margined retail commodity transactions of digital assets through a decentralized digital asset trading protocol. Uniswap Labs was required to pay a civil penalty of $175,000 and cease violations of the Commodity Exchange Act (CEA). The CFTC acknowledged that Uniswap Labs actively cooperated with law enforcement agencies in the investigation and reduced the civil penalty.

  • Federal Reserve Beige Book: Respondents generally expect economic activity to remain stable or improve

    The Federal Reserve's Beige Book pointed out that economic activity in three regions has slightly increased, while the number of regions reporting flat or declining economic activity has increased from five in the previous quarter to nine in this quarter. Overall employment levels remain stable, although some reports indicate that companies are only filling necessary positions, reducing working hours and shifts, or reducing overall employment levels through natural attrition. However, reports of layoffs are still rare. Generally speaking, wage growth is moderate, and the growth rate of labor input costs and sales prices ranges from slight to moderate. Consumer spending has declined in most regions, while in the previous reporting period, consumer spending remained stable overall.

  • Puffpaw Completes $6 Million Seed Round with Lemniscap Ventures as Participant

    Puffpaw has announced the completion of a $6 million seed round of financing, with participation from Lemniscap Ventures. The Puffpaw project plans to launch a blockchain-enabled electronic cigarette aimed at helping users reduce nicotine intake through token incentives. The project encourages users to quit smoking by recording their smoking habits and rewarding them with tokens. Puffpaw's token economics aims to cover 30% of the cost of users' first month of using their product and provide social rewards. The project also considers possible system abuse, but the issue of users potentially reporting smoking habits dishonestly is not yet clear.

  • Affected by Ethervista and others, Ethereum Gas temporarily rose to 33gwei

    According to Etherscan, due to the influence of contracts such as Ethervista, Ethereum Gas has temporarily risen to 33gwei, with the top three being EthervistaRouter, UniswapRouter, and BananaGun.

  • The probability of the Fed cutting interest rates by 25 basis points in September is 55%.

    The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 55.0%, while the probability of a 50 basis point cut is 45.0%. The probability of the Federal Reserve cutting interest rates by a cumulative 50 basis points by November is 32.1%, by 75 basis points is 49.2%, and by 100 basis points is 18.8%.

  • Nvidia: No subpoena received from the US Department of Justice

    Nvidia (NVDA.O) stated that it has not received a subpoena from the US Department of Justice.

  • US SEC again postpones decision on environmentally friendly Bitcoin ETF listing application

    The US Securities and Exchange Commission (SEC) has once again postponed its final decision on the New York Stock Exchange (NYSE) Arca's application for a carbon offset Bitcoin ETF. According to a document dated September 4th, the decision has been extended to November 21st. The ETF aims to provide a Bitcoin investment exposure in an environmentally friendly way by offsetting carbon emissions, tracking an investment portfolio composed of 80% Bitcoin and 20% carbon credit futures. Tidal Investments submitted the fund registration application in December 2023, while NYSE Arca submitted the initial application in March. Concerns have been raised about the environmental impact of Bitcoin mining, with the International Monetary Fund (IMF) reporting that cryptocurrency mining accounts for 1% of global greenhouse gas emissions. The delay in this decision also includes the postponement of approval for the Nasdaq One-Stop Cryptocurrency Investment Portfolio ETF.

  • Japanese regulator calls for lower cryptocurrency tax rates by 2025

    On September 4th, it was announced that Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes regulations on cryptocurrency to lower its tax rate.