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HOUSE LAWMAKERS PROPOSE STUDIES ON AI IN FINANCIAL SERVICES, HOUSING
Top lawmakers in the United States introduced a bill that would require federal regulators to conduct studies on how artificial intelligence (AI) impacts the financial services and housing industries.
Congresswoman Maxine Waters introduced a bill directing several federal financial regulators to study the present and potential benefits and risks of AI in the two industries. It was co-sponsored by House Financial Services Committee Chair Patrick McHenry.
The pair have also supported each other in a resolution acknowledging the increasing use of AI in the finance and housing markets, according to a Dec. 2. statement from the House Financial Services Committee.
Under the Waters-sponsored AI Act of 2024, key regulators like the Federal Reserve and the Federal Deposit Insurance Corporation would have to report how banks implement AI to detect and deter money laundering, cybercrime and fraud.
AI is already impacting mortgage lending and credit scoring, among other things, Waters said, explaining the need for a more comprehensive AI reporting regulatory framework.
AI-powered research is also being used for market surveillance purposes and tenant screening, McHenry’s resolution said.
McHenry added: “These bills are a small, but critical, step forward to empower the financial system to realize the numerous benefits artificial intelligence can offer for consumers, firms, and regulators.”
His resolution suggested the House Financial Services Committee should consider whether to reform privacy laws as data use becomes more AI-driven.
McHenry said he wants the US to remain a leader in AI development and utilization.
Waters and McHenry’s measures build on the House Committee’s Bipartisan AI Working Group, which was established on Jan. 11.
Republican members include French Hill, Young Kim, Mike Flood, Zach Nunn and Erin Houchin, while the Democrat members include Stephen Lynch, Sylvia Garcia, Sean Casten, Ayanna Pressley and Brittany Pettersen.
The group’s formation followed US President Joe Biden’s executive order on Oct. 30 to establish a “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.”
@ Newshounds News™
Source: CoinTelegraph
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TRUMP’S SEC CHAIR SELECTION: PREDICTION MARKETS SIGNAL MAJOR REGULATORY CHANGES
These prediction markets show trader speculation, not confirmed plans. Paul Atkins leads in trading as a possible Trump’s SEC chair pick, with markets showing a 70% probability. Any appointment would follow the 2024 election results, but traders expect significant changes in financial market oversight.
How Trump’s SEC Chair Appointment Could Impact Crypto Regulation and Market Oversight
The race for the next possible SEC chair shows clear patterns in prediction markets. Here’s what current trading reveals:
Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.
New SEC Chair Appointment Could Reshape Markets
Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.
New SEC Chair Appointment Could Reshape Markets
Prediction markets suggest big changes if Trump picks a new SEC chair. Current market odds favor:
▪️Paul Atkins: Former SEC commissioner (70% chance)
▪️Brian Brooks: Crypto industry expert (20% chance)
▪️Hester Peirce: Current SEC commissioner (2% chance)
Crypto Regulation 2024 Faces Potential Overhaul
Traders believe crypto regulation in 2024 could change significantly. Markets suggest Atkins as SEC chair might ease current restrictions. His past work shows he supports innovation with reasonable oversight.
Market Trading Shows Strong Confidence
Over $503,418 in trading volume reveals high interest in the SEC chair position. Atkins’ probability has jumped from 25% to 70% since November, though these remain speculative bets.
Regulatory Framework Faces Possible Changes
Markets suggest a new SEC chair might change:
▪️How crypto is overseen
▪️Market rules
▪️Support for new ideas
▪️How rules are enforced
Prediction markets offer insights but can’t guarantee outcomes. Any SEC chair needs proper nomination and approval. Current trading shows what markets expect while acknowledging many factors could affect the final choice.
Trading patterns point to possible regulatory shifts, but all predictions remain speculative. The high trading volume shows strong market interest in potential SEC leadership changes, even as the actual appointment process awaits future developments.
@ Newshounds News™
Source: Watcher Guru
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What’s Driving XLM Price to OVERTAKE XRP – The Economic Ninja | Youtube
The Ninja compares XLM and XRP.
@ Newshounds News™
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