The Biden Administration’s Executive Order on Artificial Intelligence
The administration of US President Joe Biden is working on an executive order that will address the risks associated with artificial intelligence (AI) and provide guidelines for government agencies on its potential use. It is expected that this order will have significant implications for the XRP and cryptocurrency market.
Reshaping AI Integration with a Game-Changing EO
The forthcoming executive order aims to simplify high-skilled immigration, establish specialized groups and governmental entities, and facilitate the integration of AI in various sectors influenced by the federal government, including healthcare, trade, housing, and education. This directive has been highly anticipated and is seen as a crucial effort to regulate a rapidly growing technology.
An Overcrowded Crypto Landscape?
Forbes predicts that the cryptocurrency market may become congested due to recent price surges in assets like XRP and Bitcoin. The optimism in the market is attributed to increased interest from Wall Street, particularly regarding BlackRock’s application for a bitcoin spot exchange-traded fund.
Concerns Over Potential Impacts on XRP and the Crypto Market
Cryptography specialists are concerned about the potential designation of computer energy as a “national resource.” This classification could lead to legislative changes or limits on energy usage related to cryptocurrency mining and blockchain technology, which would have far-reaching consequences for the industry. Such actions may affect the decentralized nature and energy consumption of these technologies.
The Impact on XRP Mining
Limitations on purchasing computing power could negatively affect the broader cryptocurrency market, including XRP. Bitcoin miners may face constraints in acquiring computing power, which would impact their productivity. There are worries about potential restrictions that could be imposed on computing energy, likening it to “Operation Choke Point but for computing power.”
Hot Take: The Future of AI and Cryptocurrency
The executive order on artificial intelligence by the Biden administration has generated anxiety in the cryptocurrency sector. The order aims to ensure the safe deployment of AI technology, but concerns about potential consequences, such as the classification of computing energy as a national resource, have raised alarm bells. These developments could have significant implications for XRP and the broader crypto market, impacting their growth and operations.
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