Recent leaks have sparked concern in the crypto community as reports suggest U.S. President Joe Biden is preparing to unveil a sweeping artificial intelligence (AI) regulation. The announcement is expected to take place at the White House and will involve major tech industry executives. While the primary focus of the regulation is on AI models, there are fears within the crypto industry that it could extend to computing power, impacting activities like Bitcoin mining and the development of AI models.
The leaked information indicates that the executive order might require AI models to undergo assessment before use by federal workers. Additionally, there are concerns that the order might classify computing power as a “national resource,” potentially requiring cloud computing providers such as Microsoft, Google, and Amazon to disclose significant computing resource purchases. This could have implications for Bitcoin mining, video game development, and running AI models, raising alarm bells in the crypto space.
Alexander Grieve, head of government affairs at Paradigm, a crypto-focused investment company, expressed concerns, comparing the potential order to “Operation Choke Point,” where Bitcoin mining could be seen as excessive use of power and working in crypto could be considered diverting talent away from other applications.
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The crypto community is on edge due to the uncertainty surrounding the executive order’s potential impact on the industry. As the situation unfolds, crypto enthusiasts and investors are closely monitoring developments to gauge the extent of the regulation’s influence on Bitcoin, Ethereum, XRP, and other cryptocurrencies.
