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HISTORIC: AI WILL BEGIN DEVELOPING LAWS IN THE UAE
The government of the UAE has launched what it calls the first AI-based legislative system, allowing synthetic agents to develop laws and monitor their effects through big data analysis.
UAE Enables AI Interaction in Lawmaking With New Smart Legislative System
Artificial Intelligence (AI) has begun to penetrate all aspects of human life, and governance is next. On April 14, the government of the United Arab Emirates (UAE) approved the implementation of what the media is calling the first AI-powered legislative system, paving the way for the proposal of law projects with significant synthetic participation.
The system will link all judicial rulings to their established jurisdictions, creating a map that connects these rulings with AI elements. As a participant in this system, the AI will be able to monitor these developments and study the effects of regulations in each jurisdiction with the help of this map.
Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and a member of the cabinet that approved this development, expects AI to significantly improve the legislative process in the UAE.
In this regard, he stated:
“The new AI-based legislation system will create a qualitative shift in the legislative cycle, its speed, and its accuracy, ensuring our national legislative excellence and keeping our laws in line with best practices and the highest aspirations.”
Al Maktoum also highlighted that the system will be able to propose legislative amendments on an ongoing basis, supported by the analysis of their effects using big data and statistics. Official reports stated that the expectation is for this tool to enhance the efficiency of the legislative process and accelerate the legislative issuance cycle by up to 70%.
This new approach to legislation will also create new roles for AI agents, such as legislative researchers, legislative editors, and legislative monitors.
However, neither the technical details of the implementation nor the models to be used for this system were specified by UAE authorities.
@ Newshounds News™
Source: Bitcoin
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US SENATE MAJORITY LEADER EXPECTS STABLECOIN VOTE BEFORE MAY 26 — REPORT
Lawmakers in the US Senate will reportedly move forward with a vote on the GENIUS stablecoin bill before the Memorial Day holiday.
US Senate Majority Leader John Thune reportedly told Republican lawmakers that the chamber would address a bill on stablecoin regulation before the May 26 Memorial Day holiday.
According to an April 29 Politico report, Thune made the comments in a closed-door meeting with Republican senators, who hold a slim majority in the chamber.
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed the Senate Banking Committee in March.
Thune did not mention any crypto or blockchain-related bills in his public comments on US President Donald Trump’s first 100 days in office. Since his Jan. 20 inauguration, Trump has signed several executive orders with the potential to affect US crypto policy, including one affecting stablecoins. Still, many of the actions do not carry the force of law without an act of Congress.
The proposed GENIUS bill could essentially restrict any entity other than a “permitted payment stablecoin issuer” from issuing a payment stablecoin in the United States.
The House of Representatives, also controlled by Republicans, has proposed a companion bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act.
Trump accused of conflicts of interest over stablecoins, crypto ventures
The president’s executive order, signed on Jan. 23, established a working group to study the potential creation and maintenance of a national crypto stockpile and a regulatory framework for stablecoins. Republican lawmakers followed by introducing the STABLE and GENIUS acts.
Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its US-dollar pegged USD1 stablecoin.
Many Democratic lawmakers said that Trump’s ties to the firm, coupled with his political influence and position, could present an “extraordinary conflict of interest that could create unprecedented risks to our financial system” as Congress considers the two stablecoin bills.
@ Newshounds News™
Source: CoinTelegraph
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