US Senators Push Crypto Regulations in Nebraska and AI Standards in California
Summary:
Legislative Bill 911, introduced by U.S. Senator Eliot Bostar in Nebraska, aims to set regulation standards for cryptocurrency mining, trading, and possession. The proposal seeks to make it possible for individuals to run blockchain nodes and mine cryptocurrencies in residential properties without requiring licenses while adhering to local noise ordinances. Crypto businesses would operate exclusively from designated industrial zones. The proposal also safeguards investors' self-custody rights and protects them from invasive cryptocurrency taxes. Concurrently, in California, State Senator Steve Padilla introduced two bills to create a safe and ethical framework for AI service providers.
In Nebraska, a proposition has been put forward in the legislative assembly aiming to set fundamental criteria for cryptocurrency usage. The motion, known as Legislative Bill 911, was presented on January 5 by U.S. Senator Eliot Bostar. It proposes to adopt the Blockchain Basics Act, striving to regulate cryptocurrency mining, possession and trading, ensuring a secure and legal context for Nebraskans. The Act would permit individuals to run blockchain nodes and perform cryptocurrency mining on residential premises without licensure, although adherence to local noise control laws would be mandatory. However, cryptocurrency-related enterprises would only be allowed to set up in allocated industrial areas. The act bars political sectors from altering established noise pollution boundaries, enforcing extra requirements not applied to data centres, or making changes to zoning. The Blockchain Basics Act also excludes staking services from being viewed as security in Nebraska. Moreover, the act will protect each investor's self-custody rights and shield them from any intimidating cryptocurrency taxes. In sync with Bostar’s push for a balanced environment for cryptocurrency, California State Senator Steve Padilla introduced two additional bills on January 4 intended to form a “safe and ethical structure” for service providers of Artificial Intelligence (AI) in the state. If endorsed as law, Senate Bill 892 will mandate California’s Technology Department to form safety, privacy, and non-discriminatory standards for AI services within the state. Meanwhile, Senate Bill 893 will demand the Government Operations Agency, the Governor’s Office of Business and Economic Development and the Department of Technology to inaugurate an AI research centre within the state. Padilla believes his proposed legislative actions will prevent the monopolization of AI’s future by a handful of corporations. "This is a public good that should be beneficial to all in our society," he stated, "and public investment is necessary to stop a few billionaires from controlling our future.
Published At
1/8/2024 2:00:00 PM
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