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Major US Bank Pays $13,500,000 Settlement After Facing Federal Investigation on Illegal and Discriminatory Practices

Major US Bank Pays ,500,000 Settlement After Facing Federal Investigation on Illegal and Discriminatory Practices

The US Justice Department and the state of North Carolina are settling with a major US bank to resolve allegations that the lender discriminated against its community for years. In a press release, the Justice Department says First National Bank of Pennsylvania (FNB) redlined predominantly black and hispanic neighborhoods in Charlotte and Winston-Salem, North Carolina. […]

The post Major US Bank Pays $13,500,000 Settlement After Facing Federal Investigation on Illegal and Discriminatory Practices appeared first on The Daily Hodl.

Coinbase Launches Inquiry Into Costs of SEC’s War on Crypto

Over half of Americans fear ‘major impact’ by AI on workers: Survey

More respondents said AI will “hurt” American workers more than it will “help” them over the next 20 years.

Nearly two-thirds (62%) of Americans think implementing artificial intelligence (AI) in the workplace will have a “major impact” on American workers within the next 20 years, leaving many employees “wary” and “worried” about what their future holds.

An April 20 Pew Research report found 56% of the 11,004 adults surveyed in the United States said AI will have a major impact on the U.S. economy too. Another 22% believed AI will impact the economy to a minor degree.

Only 13% of participants believed “AI will help more than hurt” American workers, whereas 32% thought the opposite. The rest of the participants predicted “AI will equally help and hurt” American employees (32%) or were unsure (22%).

The study didn’t directly ask participants whether they thought they would lose employment to AI but many respondents cited worry that an AI-enabled workplace would lead to increased surveillance, data mismanagement and misinterpretations.

Pew Research said there is a “consensus” that many American workers feel like they would be watched “Big Brother” style, with 81% citing the concern.

71% of respondents said they oppose the idea of AI being used to help make a final decision in the hiring process.

Nearly two-thirds said they would be most bothered by AI tracking their minute-to-minute movements, and around half cited potential frustrations around an AI keeping track of how many hours they’re at their desk and recording exactly what they’re working on.

For every participant that was in favor of AI being used in the hiring process, 10 opposed it. Source: Pew Research

Just under 40% cited concern that AI would be used to evaluate their performance.

Despite the mixed views on what AI would offer to the workforce, two-thirds of respondents said they wouldn’t want to apply for a job where AI was used to make hiring decisions.

One surveyed man in his 60s explained that AI shouldn’t be used for that purpose because it can’t judge character:

“AI can’t factor in the unquantifiable intangibles that make someone a good co-worker ... or a bad co-worker. Personality traits like patience, compassion and kindness would be overlooked or undervalued.”

“It’s a ‘garbage in, garbage out’ problem,” another surveyed woman explained.

Not everyone agreed though as a man in his 50s explained AI has the potential to fill the shoes of a hiring manager:

“I think the AI would be able to evaluate all my skills and experience in their entirety where a human may focus just on what the job requires. The AI would see beyond the present and see my potential over time.”

Just under half of the participants said AI would treat all applicants in the same way “better” than what hiring managers do, while 15% said AI would be “worse.” Under 15% said the treatment would be “about the same.”

Related: 7 artificial intelligence examples in everyday life

Those surveyed who claimed AI would lead to “better” treatment explained the technology would help circumvent biases and discrimination based on age, gender and race.

Others believed AI may reinforce the same prejudices that companies are trying to eradicate.

The motivation to carry out the study was partly prompted by what Pew Research describes as the “rapid rise of ChatGPT” — an AI chatbot released by OpenAI on Nov. 30.

Magazine: NFT Creator, Emily Xie: Creating ‘organic’ generative art from robotic algorithms

Coinbase Launches Inquiry Into Costs of SEC’s War on Crypto

Montana’s ‘right to mine’ crypto bill moves closer to passing as law

The bill seeks to enshrine crypto miners’ rights and will still have to pass muster in the states House before its signed into law by the governor.

A cryptocurrency mining rights bill with laws that would prohibit the discrimination of crypto miners is one step closer to fruition after passing the Montana Senate.

The proposed laws would enshrine a “right to mine digital assets” and would prohibit “discriminatory” electricity rates being charged to crypto miners, protect mining that occurs “at home” and strip local governments of the power to use zoning laws to stop crypto mining operations.

It also prohibits additional taxes on the use of crypto as a payment method and would consider “digital assets,” including cryptocurrencies and nonfungible tokens, as “personal property” alongside other financial products such as stocks and bonds.

The bill was passed in the state Senate on Feb. 23 with a vote of 37 for and 13 against and will head to the House for approval. If it is passed there as well, the final step would be for it to be signed into law by Governor Greg Gianforte, who could also choose to veto the bill.

Text from the bill outlining its provisions and some of the reasoning for the laws. Source: Montana State Legislature

The bill outlined that Montana wants to “protect the right to mine” crypto and “create legal certainty” for miners as mining “provides positive economic value” and could potentially “stabilize the grid and provide revenue for infrastructure upgrades.”

The bill was written with the help of the Satoshi Action Fund, a pro-Bitcoin (BTC) lobbying group.

Related: Hut 8 CEO weighs in on the bull and bear markets from a mining perspective

Dennis Porter, CEO of the advocacy body, told Cointelegraph in a January interview that leaders in Montana have used zoning laws to attempt to push miners out and have considered imposing higher electricity rates on miner operations.

In April 2019, Missoula County in Montana passed rules that required miners to operate only in light and heavy industrial districts and required miners to exclusively use renewable energy. If passed, the law would overturn the county’s zoning ordinance.

In early February, the Mississippi state Senate passed a similar bill seeking to protect crypto miners from discrimination and is working its way to the states House.

Meanwhile, Missouri’s Digital Asset Mining Protection Act, which aims to protect the rights of crypto miners, was introduced to the state legislature in mid-January.

Coinbase Launches Inquiry Into Costs of SEC’s War on Crypto