Compliance Stuff

President Donald Trump on Dec. 11  issued an executive order , challenging state laws regulating artificial intelligence. The order directs the attorney general to establish a task force within 30 days focused on litigation against state AI laws. It also empowers the secretary of Commerce to publish a review of “onerous” state AI laws within 90 days and restrict federal broadband funds to states whose AI laws are found to be objectionable. It directs the Federal Trade Commission to issue within 90 days a policy clarifying how the agency’s prohibition on unfair or deceptive practices applies to AI systems. The Federal Communications Commission must within 90 days initiate proceedings to consider creating a federal reporting and disclosure regime for AI models that would pre-empt conflicting state requirements. The White House Special Advisor for AI and Crypto and the Assistant to the President for Science and Technology shall jointly prepare a legislative recommendation establishing...

  Trump’s victory could mean big changes for Fintech and Crypto. With the election of Donald J. Trump as the 47 th  President of the United States, along with the flip of the Senate to the Republicans and, as of this writing, likely the House of Representatives, big changes in tone, activity level and f ocus will be forthcoming for the financial technology (Fintech) and cryptocurrency (Crypto) industries. It is important to remember, however, that many activities are dually or solely regulated by state, so change in those areas will not be as dramatic . In fact, some state regulators will see their role as a check on the federal government. [1] Fintech As noted below, the Securities and Exchange Commission (SEC) will have new leadership when Chair Gary Gensler is asked for his resignation or terminated on January 20. The SEC is a five‑member body which is bipartisan by statute, so the Commission is always comprised of three members of the President’s party and two members of ...