In the past week, Bitcoin prices have witnessed a remarkable increase of 20.27%, as reported by CoinMarketCap. This surge in value can be attributed to the recent developments surrounding BlackRock’s application for a Bitcoin spot exchange-traded fund (ETF).
President Biden Calls Tech Executives to White House for New Regulatory Announcement
In an intriguing leak, it has come to light that President Joe Biden is orchestrating a gathering of prominent tech executives at the White House. The purpose of this assembly is to unveil a set of new regulations, which, according to Bloomberg, are poised to extend their influence into the cryptocurrency industry.
Comprehensive Regulatory Measures Underway
According to information released by The Washington Post on October 25, this significant administrative move precedes an international summit set to take place in the United Kingdom. The summit will see the convergence of government officials, tech luminaries from Silicon Valley, and representatives from civil society groups, all focused on addressing the growing concerns regarding the societal implications of artificial intelligence.
Sources with inside knowledge, who have chosen to remain anonymous, have revealed that this comprehensive order will leverage the U.S. government’s considerable position as a major technology consumer. One of the key provisions of the order will be the mandatory comprehensive assessments of cutting-edge AI models before they can be approved for use by federal employees. This insight has been confirmed by three well-informed sources actively engaged in the deliberations surrounding the order.
The Ripple Effect
Bloomberg also highlights that preliminary reports from the previous month had caused unease within the cryptocurrency industry. These reports suggested the potential classification of computational resources as a “national resource.” Such a classification could lead to cloud computing giants like Google having to disclose instances when customers exceed a certain threshold in their utilization of computing resources, applicable to various activities, including Bitcoin mining.
Alexander Grieve, Head of Government Affairs at Paradigm, expressed concerns that such an order might resemble a modern-day version of “Operation Choke Point” but applied to computing power. Grieve also speculated that Bitcoin mining could be perceived as “depriving households of power” and diverting development talent away from more “genuine” applications.
While the leaked information primarily focuses on AI, it has left many in the community pondering the broader implications on the crypto market, encompassing aspects of regulation and market prices.