US: White House Releases Crypto Report, Senators Warn Of AI Outsourcing

The White House published a 160-page report with recommendations aimed at making America the “crypto capital of the world” and ensuring crypto “becomes a hallmark of the new American Golden Age.”

• Axios notes: “The report includes recommendations for everything from securities and commodities regulation to banking, taxation, countering illicit finance, payments, insurance and cybersecurity. It calls for changes in how crypto is accounted for in bank capital requirements, where strict treatment can make it expensive and unattractive for banks to offer crypto-related services.”
• Separately, Senators Elizabeth Warren (D-MA) and Mike Rounds (R-SD) wrote a letter to Commerce Secretary Howard Lutnick and Secretary of State Marco Rubio calling on the Trump administration to ensure artificial intelligence technology is “built at home.”
• The letter reads: “These requirements serve as an important backstop against outsourcing our core advantage in AI overseas. If left unchecked, outsourcing could move the center of gravity for cutting-edge AI training and deployment away from the United States.”
• Punchbowl notes: “Notably, the two said the so-called diffusion rule issued by the Biden administration was 'rightfully criticized' ... [but] the rule’s ultimate goal of keeping the AI infrastructure in the United States should be included in any new rulemaking.”