To ensure competition, restrictions are necessary for tech giants in the development of AI models, and crypto companies should adhere to the same rules as TradFi. This was stated by U.S. Senator Elizabeth Warren.
“If it’s the same type of activity and risk, there should be similar rules […]. I’m not proposing something tougher. I just want a level playing field. In our financial system, almost everyone follows the same set of rules,” she explained.
The senator noted that cooperation with the industry is challenging. According to Warren, the industry sees the only way to “survive” as having “oxygen.” In her view, the crypto industry seeks concessions for fraudsters, drug and human traffickers, and terrorists.
Earlier, Warren expressed her intention to prevent tech giants from developing large language models of artificial intelligence.
“We can’t allow each of the major cloud services — Google, Microsoft, and Amazon — to use their enormous size to dominate a whole new field,” Warren stated.
According to her, large tech companies are capable of pushing out smaller competitors.
Previously, five senators supported Warren’s proposed bill, which involves the introduction of KYC procedures for “wallets, miners, validators, and other network participants.”
According to the authors of the document, it aims to prevent the illegal use of digital assets for drug trafficking, sanctions evasion, and terrorism financing.
As reported in the development of the document, Warren used a report by the U.S. Government Accountability Office on the use of cryptocurrencies. Coinbase pointed out the shortcomings of its provisions.