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Senator Lummis’ RISE Act: A Step Toward AI Accountability or a Shield for Developers?
The RISE Act aims to define liability boundaries for AI in professional settings—but critics say it leaves too much unsaid and too many developers untouched.
A “Timely and Needed” Start—But Is It Enough?
Senator Cynthia Lummis introduced the Responsible Innovation and Safe Expertise (RISE) Act of 2025, which seeks to define civil liability protections for AI developers in professional settings like healthcare, law, and finance. While some view the bill as an essential first step, others are concerned that it places too much risk on professionals and not enough responsibility on developers.
Lummis calls it the nation’s “first targeted liability reform legislation for professional-grade AI.” But critics argue that the bill protects AI creators more than the users or the public.
“It puts the bulk of the burden of risk on ‘learned professionals’… and provides [developers] with broad immunity otherwise,” said Hamid Ekbia, professor at Syracuse University.
What the RISE Act Proposes
- AI developers would be shielded from certain civil lawsuits unless negligence or intent is proven.
- Developers would be required to publish model specifications (e.g., model cards), enabling professionals to make informed decisions.
- It does not address use cases where AI interacts directly with consumers, including vulnerable groups like minors.
The bill is narrow in scope, focusing primarily on AI used by professionals. Cases like a Florida teen’s suicide after extended chatbot interaction are not covered.
Critics Warn of a “Giveaway” to Big Tech
Platforms such as the Democratic Underground have labeled the bill a potential “giveaway” to AI companies looking to evade accountability.
However, legal experts like Felix Shipkevich argue the bill is not overly lenient but “rational,” especially considering the unpredictability of large language models:
“Without some form of protection, developers could face limitless exposure for outputs they have no practical way of controlling,” he said.
Transparency: A Missing Link?
The AI Futures Project, a nonprofit consulted during the bill’s drafting, supports the bill’s intent but criticizes its weak transparency provisions. Executive Director Daniel Kokotajlo stated:
“The public deserves to know what goals, values, agendas, biases, instructions, etc., companies are attempting to give to powerful AI systems… this bill does not go far enough.”
He also warns companies can simply accept liability instead of complying with transparency rules, making key safeguards optional.
A U.S. Risk-Based Approach vs EU’s Rights-Based Model
The RISE Act follows a risk-based approach, emphasizing documentation and oversight, rather than providing explicit legal rights to users. This differs sharply from the EU’s rights-based AI framework, which empowers individuals—particularly vulnerable populations.
The EU initially proposed an AI liability directive in 2022 but withdrew it in 2025, reportedly due to industry lobbying, leaving the bloc’s liability stance in flux.
“AI can create new kinds of potential harms,” noted Ryan Abbott, professor of law and medicine at the University of Surrey. “The healthcare arena is going to be particularly challenging.”
Abbott emphasized emerging evidence that AI-only systems might outperform “human-in-the-loop” models in certain medical scenarios—raising thorny liability questions.
A Constructive Beginning, Not the Final Word
Policy experts see potential if the bill evolves. Justin Bullock of Americans for Responsible Innovation (ARI) said the act is a “constructive first step,” but warned:
“Publishing model cards without robust third-party auditing and risk assessments may give a false sense of security.”
Similarly, Shipkevich believes the RISE Act could serve as a foundation for balanced AI oversight, but only if modified to include stronger transparency and risk-management requirements.
What’s Next?
If enacted, the RISE Act would take effect on December 1, 2025. In the meantime, public debate continues over whether the bill prioritizes innovation over accountability, or if it’s simply the first draft of a more comprehensive AI regulatory framework.
@ Newshounds News™
Source: Cointelegraph
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Coinbase Secures MiCA License via Luxembourg to Cement European Expansion
The U.S.-based crypto giant gains regulatory clarity across all 27 EU member states under the MiCA framework.
Coinbase has officially secured a MiCA license in Luxembourg, marking a major step in its European growth strategy. The license, granted by Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), allows the exchange to offer its full suite of crypto services across all 27 European Union member states.
The approval effectively designates Luxembourg as Coinbase’s regulatory hub for Europe under the Markets in Crypto-Assets (MiCA) regime.
“Now, with MiCA, we’re uniting these efforts under a single framework, enabling millions of Europeans to access regulated, trusted, and secure crypto services,” Coinbase said in a Friday statement.
MiCA: A Game-Changer for EU Crypto Regulation
MiCA, which came into full effect at the end of 2024, provides the EU’s first comprehensive regulatory framework for crypto assets, covering everything from stablecoins and exchanges to custody and consumer protection.
Coinbase had already secured regulatory licenses in Germany, France, Ireland, Italy, the Netherlands, and Spain—but the MiCA license consolidates these approvals under one EU-wide structure, simplifying operations and compliance.
Coinbase Isn’t Alone in the Race
Other major crypto firms are also making moves in the region under the MiCA regime:
- Gemini, the exchange founded by Cameron and Tyler Winklevoss, is in the final stages of securing a MiCA license in Malta. The company submitted its application in January 2025.
- OKX, another global exchange, has similarly chosen Malta as its MiCA operational base.
A New Chapter for Crypto in Europe
With regulatory certainty now in place across the EU, Coinbase and its competitors are positioning themselves for a new wave of crypto adoption in Europe, where MiCA is expected to serve as a model for global crypto regulation.
@ Newshounds News™
Source: The Block
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BRICS Bank Issues $2.1 Billion in Local Currency Loans as De-Dollarization Push Accelerates
The New Development Bank boosts non-dollar financing, with 22% of disbursements now in national currencies.
The New Development Bank (NDB)—commonly known as the BRICS Bank—has disbursed $2.1 billion worth of loans in local currencies, part of a broader effort to reduce reliance on the U.S. dollar. The move reflects the bloc’s response to ongoing Western sanctions, particularly those levied against Russia since 2022.
According to newly released figures, the BRICS Bank lent a total of nearly $10 billion, with 22% of that amount issued in currencies such as the Chinese yuan and South African rand.
The NDB plans to increase local currency lending to 30% by the end of 2026, aiming to surpass $3 billion in de-dollarized loans.
De-Dollarization in Action: China, South Africa, and India Take Lead
- The Chinese yuan accounted for $1.8 billion of the local currency loans.
- The South African rand was used for loans totaling $284 million.
- The Indian rupee is next in line, with preparations underway for rupee-based loan disbursements starting in 2026.
This marks a significant evolution in the BRICS financial strategy, as more countries in Africa and Southeast Asia increasingly accept national currencies to avoid costly foreign exchange conversions.
U.S. Sanctions Spur Shift Toward Financial Sovereignty
The NDB’s pivot was accelerated after U.S. sanctions on Russia in 2022, imposed in response to the war in Ukraine. The sanctions remain in place through 2025, even under the Trump administration, reinforcing the alliance’s motivation to find alternative financial mechanisms.
“The BRICS bank is not just lending money—it’s building a foundation for sovereign economic cooperation, independent of Western financial pressure,” analysts say.
NDB’s Growing Influence
With Russia actively collaborating with the NDB on managing finances through local currencies, the bank is becoming a critical vehicle for BRICS’ broader economic strategy. Its policies signal growing monetary coordination among member nations and challenge the U.S. dollar’s long-standing dominance in global trade and finance.
@ Newshounds News™
Source: Watcher Guru
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