Latest news with #CynthiaLummis
Yahoo
2 days ago
- Business
- Yahoo
Kraken relocates US headquarters to Wyoming's crypto-friendly city
Kraken relocates US headquarters to Wyoming's crypto-friendly city originally appeared on TheStreet. Cryptocurrency exchange Kraken has officially moved its U.S. headquarters to Wyoming. The decision was primarily based on Wyoming's strong and future-oriented regulatory environment. This move is a significant endorsement of Wyoming's crypto-friendly regulatory landscape, which encompasses over 30 laws specifically tailored to the cryptocurrency sector, as per the company's blog. "Wyoming has built the country's most comprehensive and technically coherent legal framework for digital assets," Kraken co-CEO Arjun Sethi said in a statement. "Our global headquarters is now officially in Cheyenne, affirming our commitment to U.S.-based crypto innovation," he added. Wyoming has been at the forefront of regulating digital assets, with legislation that treats crypto as property, establishes a fintech sandbox for testing, and protects users from disclosing their private keys. Join the discussion with WendyO on Roundtable. Kraken has been involved with the state since at least 2021, when it gave a $300,000 grant to the University of Wyoming for crypto education. The company continued to promote cryptocurrency in the state by sponsoring the Wyoming Blockchain Stampede and co-hosting the state's first-ever Blockchain Symposium last year in Jackson Hole. Senator Cynthia Lummis, a long-time advocate for Bitcoin and digital asset policy, said she was excited about the development. "Kraken's decision to move to the Equality State underscores Wyoming's innovative approach," Lummis said. Kraken stated that, while it remains a globally distributed and remote-first company, the company's deeper physical presence in Wyoming reflects the favorable policy environment the state is creating, as well as the pro-crypto leadership from the state. This also further positions Wyoming as the de facto capital of American crypto regulation. Kraken relocates US headquarters to Wyoming's crypto-friendly city first appeared on TheStreet on Jun 20, 2025 This story was originally reported by TheStreet on Jun 20, 2025, where it first appeared. Sign in to access your portfolio
Yahoo
13-06-2025
- Business
- Yahoo
Cynthia Lummis Proposes Artificial Intelligence Bill, Requiring AI Firms to Disclose Technicals
Senator Cynthia Lummis (R-WY) has introduced the Responsible Innovation and Safe Expertise (RISE) Act of 2025, a legislative proposal designed to clarify liability frameworks for artificial intelligence (AI) used by professionals. The bill could bring transparency from AI developers – stoping short of requiring models to be open source. In a press release, Lummis said the RISE Act would mean that professionals, such as physicians, attorneys, engineers, and financial advisors, remain legally responsible for the advice they provide, even when it is informed by AI systems. At the time, AI developers who create the systems can only shield themselves from civil liability when things go awry if they publicly release model cards. The proposed bill defines model cards as detailed technical documents that disclose an AI system's training data sources, intended use cases, performance metrics, known limitations, and potential failure modes. All this is intended to help help professionals assess whether the tool is appropriate for their work. "Wyoming values both innovation and accountability; the RISE Act creates predictable standards that encourage safer AI development while preserving professional autonomy,' Lummis said in a press release. 'This legislation doesn't create blanket immunity for AI," Lummis continued. However, the immunity granted under this Act has clear boundaries. The legislation excludes protection for developers in instances of recklessness, willful misconduct, fraud, knowing misrepresentation, or when actions fall outside the defined scope of professional usage. Additionally, developers face a duty of ongoing accountability under the RISE Act. AI documentation and specifications must be updated within 30 days of deploying new versions or discovering significant failure modes, reinforcing continuous transparency obligations. The RISE Act, as it's written now, stops short of mandating that AI models become fully open source. Developers can withhold proprietary information, but only if the redacted material isn't related to safety, and each omission is accompanied by a written justification explaining the trade secret exemption. In a prior interview with CoinDesk, Simon Kim, the CEO of Hashed, one of Korea's leading VC funds, spoke about the danger of centralized, closed-source AI that's effectively a black box. "OpenAI is not open, and it is controlled by very few people, so it's quite dangerous. Making this type of [closed source] foundational model is similar to making a 'god', but we don't know how it works," Kim said at the time.
Int'l Business Times
13-06-2025
- Business
- Int'l Business Times
Key Insights from Gemini's State of Crypto Report and the Push for Widespread Adoption
Gemini is making waves with its ambitious product rollout and industry insights. From the shift in crypto's energy to major policy impacts and the narrowing gender gap, Gemini's latest moves offer a glimpse into the future of digital assets and adoption. Here are some takeaways from Gemini's 2025 State of Crypto Report: The Changing Energy in Crypto The atmosphere surrounding the industry feels different this year. Optimism remains, but gone is the irrational exuberance of wild speculation. Builders are staying focused during a recovery phase. A Gemini representative explained, "Prices have certainly contributed to the optimism, but this time it feels more grounded. The excitement is directed toward innovation and longer-term growth rather than quick profits." Gemini's Bold Bet on Bitcoin Credit Cards Move over, traditional rewards cards. Gemini has made a statement with its Bitcoin credit card, a product designed to transform everyday spending into crypto opportunity. Clad in striking orange, the card offers more than sleek aesthetics, doubling as a gateway to earning real assets like Bitcoin, Ethereum, and Solana. Gemini shuns the speculative token scene, opting instead for stability and choice. Cardholders are free to shuffle between their crypto assets whenever they please, positioning the product as a tool for financial control and steady accumulation. "We wanted to create something practical and future-oriented," a Gemini official disclosed. "The ability to earn rewards in your preferred digital currency aligns with where the market is headed." Closing the Gender Gap in Crypto Gemini's latest State of Crypto report reveals a striking development in the world of digital assets: the gender gap among crypto investors is shrinking. Long seen as a boys' club, the crypto space is opening up, with more women stepping in and expressing confidence in the technology. It's a subtle yet significant shift that points to a future where participation in the digital economy is more balanced. "We've seen the needle move thanks to efforts aimed at education and access," they explained. Gemini's findings point to streaming adoption across demographics, signaling that crypto's appeal is broadening as it becomes more mainstream. Trump Administration and Crypto Policies A transformation is underway in the regulatory approach to cryptocurrency. Years of uncertainty, where rules were more suggestion than law, are being replaced by a calculated effort to impose structure on the industry. "A new era of rulemaking is taking hold," a Gemini spokesperson commented, citing the Genius Act and legislative proposals from Senator Cynthia Lummis as examples of the industry moving toward structured innovation and accountability. The future of crypto looks dynamic. Between evolving user profiles, innovative products, and a maturing regulatory landscape, the building blocks for growth are solidifying. The market seems poised not just to expand but to redefine itself on more stable, sophisticated ground. 2025 could mark the era where crypto enters its next chapter—not with explosive speculation, but with solid groundwork for sustainable adoption.
Yahoo
12-06-2025
- Business
- Yahoo
AI companies could soon be protected from most lawsuits under new GOP bill
Artificial intelligence companies could be protected from mistakes their software makes as long as they abide by specific disclosure requirements under a new bill put forward by a Republican senator. The proposed bill aims to ensure professionals such as doctors, lawyers, financial advisers, engineers and others who use AI programs retain legal liability if their work contains errors. However, AI developers would need to publicly state how their systems work. Cynthia Lummis of Wyoming introduced the legislation on Thursday, dubbed the 'Responsible Innovation and Safe Expertise Act.' It would be the first of its kind if it passes, the senator's office said. The bill would not apply to self-driving vehicles or developers who act recklessly or engage in misconduct, according to NBC News. 'This legislation doesn't create blanket immunity for AI — in fact, it requires AI developers to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize,' the senator's office said in a statement to the outlet. 'It also means that licensed professionals are ultimately responsible for the advice and decisions they make. This is smart policy for the digital age that protects innovation, demands transparency, and puts professionals and their clients first.' Other lawmakers are working to jump ahead of the liability curb when it comes to businesses implementing artificial intelligence. States are working to apply standards, but part of President Donald Trump's 'One Big Beautiful Bill' includes a clause barring them from doing so for at least 10 years. Last week, Senate Republicans suggested changing the clause to block federal funding for broadband projects to states that regulate AI, NBC News reported. Lawmakers across the aisle have previously opposed banning states from passing regulations throughout the next decade. As the AI race continues, tech CEOs have warned that enacting such policies could prevent further advancements.
The Independent
12-06-2025
- Business
- The Independent
AI companies could soon be protected from most lawsuits under new GOP bill
Artificial intelligence companies could be protected from mistakes their software makes as long as they abide by specific disclosure requirements under a new bill put forward by a Republican senator. The proposed bill aims to ensure professionals such as doctors, lawyers, financial advisers, engineers and who use AI programs retain legal liability if their work contains errors. However, AI developers would need to publicly state how their systems work. Cynthia Lummis of Wyoming introduced the legislation on Thursday, dubbed the 'Responsible Innovation and Safe Expertise Act.' It would be the first of its kind if it passes, the senator's office said. The bill would not apply to self-driving vehicles or developers who act recklessly or engage in misconduct, according to NBC News. 'This legislation doesn't create blanket immunity for AI — in fact, it requires AI developers to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize,' the senator's office said in a statement to the outlet. 'It also means that licensed professionals are ultimately responsible for the advice and decisions they make. This is smart policy for the digital age that protects innovation, demands transparency, and puts professionals and their clients first.' Other lawmakers are working to jump ahead of the liability curb when it comes to businesses implementing artificial intelligence. States are working to apply standards, but part of President Donald Trump's 'One Big Beautiful Bill' includes a clause barring them from doing so for at least 10 years. Last week, Senate Republicans suggested changing the clause to block federal funding for broadband projects to states that regulate AI, NBC News reported. Lawmakers across the aisle have previously opposed banning states from passing regulations throughout the next decade. As the AI race continues, tech CEOs have warned that enacting such policies could prevent further advancements.
