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AI scientists urge ‘contingency plan’ in case humans lose control of AI 

In an open letter, scientists shared worry that the loss of human control or malicious use of AI systems could lead to catastrophic outcomes for all of humanity. 

A group of artificial intelligence scientists is urging nations to create a global oversight system to prevent potential “catastrophic outcomes” if humans lose control of AI.

In a statement released on Sept. 16, a group of influential AI scientists raised concerns that the technology they helped develop could cause serious harm if human control is lost. 

“Loss of human control or malicious use of these AI systems could lead to catastrophic outcomes for all of humanity,” the statement read before continuing: 

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SEC Regrets Confusion Over ‘Crypto Asset Securities’ — Ripple and Coinbase Weigh In

SEC Regrets Confusion Over ‘Crypto Asset Securities’ — Ripple and Coinbase Weigh InCoinbase and Ripple legal chiefs, Paul Grewal and Stuart Alderoty, have criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent approach to classifying tokens as securities. Grewal referenced Footnote 6 in the SEC’s amended complaint against Binance, where the agency admitted creating confusion by labeling tokens as securities. He also pointed out the […]

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Robinhood Fined $3.9 Million Over Crypto Withdrawal Restrictions in California

Robinhood Fined .9 Million Over Crypto Withdrawal Restrictions in CaliforniaCalifornia Attorney General Rob Bonta has announced a $3.9 million settlement with Robinhood Crypto for restricting cryptocurrency withdrawals and not fully disclosing trading practices. The settlement marks the first public action by California’s Department of Justice against a cryptocurrency firm. As part of the settlement, Robinhood must allow customers to withdraw cryptocurrencies to their own […]

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Sberbank to Join Russia’s Crypto Settlement Pilot This Fall, Executive Reveals

Sberbank to Join Russia’s Crypto Settlement Pilot This Fall, Executive RevealsSberbank, Russia’s largest financial institution, plans to join a cryptocurrency settlement pilot program this fall. The bank also aims to serve clients using digital rubles by 2025. Deputy Chairman Anatoly Popov supports regulatory efforts to legitimize cryptocurrencies for international payments and mining. He highlighted cryptocurrencies as effective payment methods, especially for small businesses, amid global […]

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South Korean Regulator Unveils Plan to Inspect Crypto Exchanges for Illegal Practices

South Korean Regulator Unveils Plan to Inspect Crypto Exchanges for Illegal PracticesSouth Korea’s financial regulator, the Financial Supervisory Service (FSS), will inspect crypto exchanges to identify illegal practices following stricter regulations under the Virtual Asset Users Protection Act. The review aims to ensure compliance and safeguard crypto assets, with severe penalties for violations, including life imprisonment for profiting over five billion won illegally. South Korea’s Financial […]

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Coinbase Legal Chief Criticizes SEC’s Vague Position on FTX Plan — Says Investors Deserve ‘Way Better’

Coinbase Legal Chief Criticizes SEC’s Vague Position on FTX Plan — Says Investors Deserve ‘Way Better’Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has […]

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Why is the SEC going after digital art and monkey pictures?

The SEC has targeted the largest NFT marketplace for unregistered securities trading, and the crypto community is outraged.

The United States Securities and Exchange Commission issued a Wells notice to OpenSea on Aug. 28, stating that the non-fungible token (NFT) exchange had served as a marketplace for unregistered securities.

OpenSea CEO Devin Finzer said he was “shocked” by the SEC action.

The crypto community protested the notice, which serves as a warning that the SEC may take enforcement action against the exchange. 

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India Expected to Release Consultation Paper on Cryptocurrency Regulations in Coming Months, Report

India Expected to Release Consultation Paper on Cryptocurrency Regulations in Coming Months, ReportThe Indian government, through a panel headed by the Secretary of the Department of Economic Affairs (DEA), is expected to release a consultation paper on cryptocurrency regulations. The paper, scheduled for release between September and October 2024, will seek input from stakeholders to gather feedback on effective regulation. India is emphasizing the importance of international […]

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Binance Goes Live in India: Full Access for Indian Users

Binance Goes Live in India: Full Access for Indian UsersBinance has registered as a reporting entity with India’s Financial Intelligence Unit. Binance CEO Richard Teng emphasized the importance of the Indian market and the crypto exchange’s dedication to providing secure and efficient services. With this registration, Indian users now have full access to Binance’s platform. Binance Now Fully Available for Indian Users Crypto exchange […]

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California AI bill aimed at preventing disasters draws ire from Silicon Valley

Crypto VC giant a16z claims the AI legislation will “burden startups because of its arbitrary and shifting thresholds.”

A California bill requiring AI developers to put up safety protocols to stop “critical harms” against humanity has caused a stir among the Silicon Valley’s tech community. 

California’s “Safe and Secure Innovation for Frontier Artificial Intelligence Models Act," also known as SB 1047, would require AI developers to implement safety protocols to prevent events such as mass casualties or major cyberattacks.

It was proposed by California Democratic legislators in February.

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