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The Republican Party’s 2024 platform described Biden’s order as a hindrance to AI innovation, saying, “In its place, Republicans support AI Development rooted in Free Speech and Human Flourishing.”
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Trump had criticized Biden’s AI regulations as heavy-handed and hindering tech innovation, arguing that overregulation stifles creativity and economic growth.
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In a Jan. 20 list of presidential actions, Trump revoked Biden’s 2023 executive order that created standards for AI safety and security, including requiring AI makers to share safety test information with the government.
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US President Donald Trump quickly axed a raft of former President Joe Biden’s executive orders on his first day back in the White House — including a sweeping artificial intelligence executive order.
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The decision to extradite the former crypto executive to the US follows a legal battle that took several turns, with extradition being reversed more than once. US and South Korean prosecutors have requested Kwon’s extradition to stand trial for offenses in their jurisdictions.
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After the country’s constitutional court dismissed Kwon’s appeal, the Montenegrin Minister of Justice Bojan Božović approved Terraform Labs co-founder Do Kwon’s extradition to the United States.
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While bigger transactions are affected, the Turkish government said the new rule will not apply to crypto users transacting with amounts below the $425 threshold. The new rule is set to take effect on Feb. 25, 2025.
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Turkey also introduced new crypto reporting rules to combat money laundering. Under the new regime, users transacting with more than 15,000 Turkish lira (about $425) must share their information with the country’s service providers.
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The organization argued that the rule violates the Administrative Procedure Act and risks crippling the digital asset space in the country.
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Kristin Smith, the CEO of the Blockchain Association, said that they are taking action and are standing with the nation’s innovators to “ensure the future” of crypto and DeFi in the US.
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In response to the new IRS rules, the Blockchain Association and the Texas Blockchain Council filed a lawsuit against the IRS, arguing that the rules are unconstitutional.
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With the new rules, DEXs could be treated as brokers if the decentralized finance (DeFi) platform facilitates the exchange or sale of digital assets and exercises sufficient control or influence on the transaction process.
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Once the rules take effect in 2027, brokers will be required to disclose information about taxpayers involved in digital asset transactions. The brokers will also be required to report their gross proceeds from crypto and other digital asset sales.
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The United States Internal Revenue Service (IRS) issued regulations requiring brokers to report digital asset transactions, expanding on existing requirements to include platforms like decentralized exchanges (DEXs).
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The crypto community celebrated the nomination of Miran due to his pro-innovation stance and open-mindedness toward digital assets and cryptocurrencies.
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Miran previously worked as a senior adviser to the Treasury Department in 2021 and said he is focused on deregulation to promote innovation across sectors in the United States. Following the nomination, Miran wrote on social media:
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President-elect Trump nominated Stephen Miran as Chairman of the Council of Economic Advisors on Dec. 22. The council will advise the incoming Trump administration on economic policy.
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Meanwhile, Trump also announced that former Andreessen Horowitz (a16z) general partner Sriram Krishnan would be his admin’s senior AI policy adviser.
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In 2022, Hines — a Republican — ran a failed bid for North Carolina’s US House seat, narrowly losing to Democrat rival Wiley Nickel.
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“In his new role, Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” Trump wrote.
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