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The bitcoin price has rocketed over the last week as hype swirling around the world’s largest asset manager BlackRock’s
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Now, the bitcoin and crypto industy is on edge after reports U.S. president Joe Biden is gathering senior tech executives at the White House to unveil sweeping artifical intelligence regulation that some fear could spillover over to bitcoin and crypto.
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U.S. president Joe Biden’s administration has invited tech industry executives to the White House … [+]
U.S. president Joe Biden will reportedly unveil a “sweeping,” “wide-ranging” and long-awaited artificial intelligence executive order on Monday, according to reports in The Washington Post, Axios and Bloomberg. The reports, citing anonymous sources, said Biden will be hosting an event on “safe, secure and trustworthy” AI at the White House and set to be attended by some of the biggest tech industry names.
The order is expected to require AI models to be assessed before they can be used by federal workers and help ease barriers for highly skilled workers seeking to move to the U.S. to work in the field.
However, early reports of the order last month set “alarm bells” ringing in the world of crypto due to fears it could classify computing power as a “national resource,” requiring cloud computing providers such as Microsoft
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Alexander Grieve, head of government affairs at bitcoin and crypto-focused investment company Paradigm, said last month such an order could be seen as “Operation Choke Point but for computing power,” speculating that bitcoin mining could be considered “robbing families of power” and working in crypto would take development talent “away from ‘real’ applications.”
The bitcoin network, which requires so-called miners to validate transactions in return for freshly-created bitcoin using high-powered computers, is thought to use more electricity annually than some small countries. Following China’s 2021 bitcoin mining ban, the U.S. has become home to more bitcoin miners than any other country.
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The bitcoin price has swung wildly over the last few years, with the bitcoin price this year making … [+]
The traditional financial service sector pull-back from the crypto market this year has been branded “Operation Choke Point 2.0” by some in the crypto industry who fear it’s been directed by the U.S. government and regulators.
The original 2013 Operation Choke Point was a U.S. Department of Justice initiative to discourage banks from working with firearm dealers, payday lenders, and other companies believed to be at a high risk for fraud and money laundering.