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Trump rescinds AI safety order at the last minute and brings in former Attorney General, declaring war on state-level AI regulation.

According to Beating's monitoring, US AI regulatory policy has undergone a sharp shift. Hours before the signing ceremony, President Trump decided to indefinitely postpone the signing of the executive order on the review of cutting-edge large models, originally scheduled for May 21. Subsequently, on May 26, Trump announced the appointment of former Attorney General Pam Bondi to the President's Council of Advisors on Science and Technology (PCAST). From withdrawing the executive order to introducing a strong legal figure, the White House is positioning the PCAST as a legal front for clearing regulatory hurdles. Bondi's litigation background, coupled with Sachs's advocacy for deregulation, aims to remove defensive technology barriers erected by various states through legal action, fully implementing a policy of allowing cutting-edge AI to grow unchecked in order to defeat China. The security review draft previously prepared by the White House focused on pre-release review. Although the provisions diluted the initially envisioned FDA-like mandatory licensing system into a "voluntary pre-release review framework," it still requires developers to share their models with the government up to 90 days before publicly releasing large models to assess national security risks. Regarding the proposed review period, the Frontier Lab had lobbied extensively to shorten it to 14 days before release; however, Trump withdrew the entire draft at the last minute, stating his dissatisfaction with its terms and concerns that federal pre-screening would weaken America's competitive advantage over China, rendering months of effort by the Office of the Director of National Cyber Security (ONCD) and other departments futile. This abrupt shift in the White House's deregulation policy echoed the publicly expressed policy stance of David Sacks, co-chair of the advisory council. While agreeing that AI should serve human dignity, Sacks strongly opposed giving the government absolute control over AI, insisting that relinquishing control of model development to the government was the "real alignment problem." Sachs emphasized that government control can easily degenerate into a totalitarian tool for censorship, surveillance, and control over citizens, citing the ancient Roman proverbs "Who will oversee those who oversee?" and "Power corrupts, and absolute power corrupts absolutely" to refute this. Sachs's full support for former Attorney General Bondi's appointment to the advisory board signifies that the White House will use legal action to block conflicting bills passed by various states, employing an extreme deregulation policy to ensure the United States maintains its absolute lead in the AI race with China.
Disclaimer: The views above are the author's only and do not represent 711BTC. Nothing here constitutes investment advice.

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07-08 20:33

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07-08 20:31

The Bank of Korea has released a regulatory proposal suggesting that personal stablecoin transactions exceeding $10,000 should be limited to transfers from verified wallets.

According to Mars Finance, the legal team of the Bank of Korea has published a research paper titled "Regulatory Scheme for Foreign Remittance Transactions Targeting Stablecoins," proposing regulatory recommendations for large-scale stablecoin transactions. The paper, referencing current South Korean foreign exchange control regulations, proposes constraints on stablecoin transfers exceeding $10,000 between individuals, requiring such transactions to be conducted only between officially certified wallets, along with a pre-reporting mechanism. The institution acknowledges that there are technical obstacles to fully controlling unregistered wallets, but due to anti-money laundering compliance requirements, it is necessary to strengthen restrictions on large-scale cross-border stablecoin fund flows. South Korean regulators have previously repeatedly stated the need to improve the monitoring system for cross-border crypto asset transactions using non-custodial wallets; this paper further refines and implements the regulatory approach.

07-08 20:22

Gate responded to online rumors of user asset theft: An urgent investigation is underway, and preliminary assessments indicate it is an isolated incident.

According to Foresight News , Gate responded to online reports of user assets being stolen, stating that the incident shows the customer made a withdrawal between 3:00 PM and 4:00 PM on July 7th, and reported the loss to online customer service at 5:00 PM on July 8th. Gate has initiated an investigation, and the incident is currently under urgent investigation. Preliminary assessments indicate it is an isolated case, there are no system security vulnerabilities, and the website is operating normally. Preliminary investigations suggest this incident may be related to a leak of user information; the specific details are under investigation. Gate will disclose further details as soon as the investigation concludes.

07-08 20:19

Justin Sun has staked $430 million in Ethereum on Lido, yielding an annualized return of approximately $9.5 million.

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07-08 20:17

Guangdong: By the end of 2027, the province's urban digital infrastructure support capabilities will be significantly enhanced.

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07-08 20:10

Morgan Stanley reiterated its "overweight" rating on RKLB and raised its bullish price target to $293.

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