Biden’s New Rules For AI Could Affect AI Cryptocurrencies Like GRT, AGIX, FET

On October 30, the Biden Administration issued broad new AI rules for US developers. Here’s how it might affect AI-powered cryptocurrency.

Companies must conduct AI safety tests and report the results with the US government under the new requirements. They also include adhering to established guidelines for safe AI development and appropriately marking AI-generated content. It’s worth it to avoid a Skynet or Omni Consumer Products disaster.

The White House Has Issued New AI Rules

According to a fact sheet issued by the White House briefing room:

“AI can bring real benefits to consumers—for example, by making products better, cheaper, and more widely available. But AI also raises the risk of injuring, misleading, or otherwise harming Americans.”

Here’s how the government’s new artificial intelligence developer laws might affect the bitcoin business. But here’s another way cryptocurrency can help the government’s aims.

Regulatory Costs for AI Blockchains Increased

The increased reporting requirements outlined in Biden’s executive order are likely to increase the cost of AI cryptocurrency. Whatever happens, blockchains that use AI will have to bear the additional time and financial burden of becoming compliant.

However, this does not imply that bootstrapped startups would be overloaded. According to the White House press release on the new executive order, “developers of the most powerful AI systems” must “share their safety test results and other critical information with the U.S. government.”

Ideally, by the time an AI blockchain reaches a critical level of competence to meet this demand, the project will be adequately capitalized and able to cover the costs with minimal financial impact.

AI Cryptocurrencies May Pave the Way

The bitcoin business has many strategies that can assist make Washington’s aspirations a reality for Internet users. Furthermore, blockchain has a significant head start.

Read Also: XAI 175% Surge: Elon Musk Reaffirms ‘My Co Will Never Create Crypto’

The White House’s broad AI order includes certain cryptographic goals to preserve Americans’ privacy. According to the White House, its priorities are as follows:

“Strengthen privacy-preserving research and technologies, such as cryptographic tools that preserve individuals’ privacy, by funding a Research Coordination Network to advance rapid breakthroughs and development.”

The bitcoin industry’s primary strengths are already security and privacy protection. Furthermore, any sufficiently advanced smart contract platform will eventually have artificial intelligence capabilities.

Meanwhile, prominent AI cryptocurrencies such as The Graph (GRT), SingularityNet (AGIX), and Fetch.ai (FET) leverage AI to perform tasks that humans lack the bandwidth to perform. For example, The Graph is an AI-powered indexing mechanism for smart contract platforms such as Ethereum.

Using hashing and cryptographic techniques, AI cryptocurrencies can also aid in the fight against cyber-criminals and AI-enabled identity theft or theft of users’ digital cash or private information by promptly confirming users’ private keys.