LBRY’s Appeal Deadline Set
In a recent development, LBRY, a player in the US digital asset arena, faces a critical moment. The First Circuit Court of Appeals in Boston has instructed LBRY to submit its brief by November 1, 2023. LBRY is contesting a court decision that deemed its offering of unregistered securities a violation of the Securities Act of 1933. This appeal adds another layer of complexity for the SEC, which is concurrently dealing with cases involving Ripple and Coinbase.
Amidst these legal battles, the debate over artificial intelligence (AI) regulation has heated up. The US regulatory environment in the digital asset sphere has prompted crypto advocates to voice their concerns about regulation’s impact on innovation.
Coinbase CEO Brian Armstrong is a prominent advocate for a crypto regulatory framework that fosters innovation and growth, as opposed to the SEC’s enforcement-driven approach, which many believe stifles progress. Armstrong argues that AI, should remain unregulated to facilitate rapid advancement.
Brian Armstrong’s perspective on the intersection of crypto and AI regulation brings an additional dimension to the ongoing discussions in the digital asset space.
Armstrong’s Perspective:
– AI should remain unregulated to allow for swift progress.
“Count me as someone who believes AI should not be regulated. We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best intentions.”
– Regulating AI leads to unintended consequences and hampers competition and innovation.
“We’ve enjoyed a golden age of innovation on software and the internet, largely due to it not being regulated. AI should do the same. The best protection is to decentralize it and open source it to let the cat out of the bag.”
– A decentralized and open-source approach is the best way to foster AI development.
Coinbase’s Battle with the SEC
Coinbase is currently entangled in a legal battle with the SEC, and the outcome could have significant repercussions for the US crypto landscape. A motion to dismiss the case could potentially reshape the regulatory framework governing digital assets.
LBRY’s appeal, Coinbase’s regulatory struggle, and the broader discussion on AI regulation highlight the evolving dynamics in the crypto and technology sectors, with regulatory decisions poised to influence the future of innovation and growth.
LBRY Returns to the Crypto Battlefront Against Regulatory Enforcement
Key Points:
– LBRY’s appeal adds complexity to the SEC’s digital asset challenges.
– Coinbase CEO Brian Armstrong advocates for unregulated AI to foster rapid innovation.
– Ongoing SEC vs. Coinbase case may reshape US crypto regulation.
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