The demand for increased government intervention in artificial intelligence (AI) was sparked by the United Kingdom government’s response to a parliamentary report. The report, released in February by the House of Lords, focused on generative AI and large language models. It highlighted the government’s emphasis on high-stakes AI safety, which was seen as a hindrance to international competition.
In response to the report, Michelle Donelan, the Secretary of State for Science, Innovation, and Technology, clarified that the government’s oversight of AI aligns with most of the parliamentary recommendations. However, on May 2, Baroness Stowell of Beeston, a member of the House of Lords, called on the government to go beyond its current position on copyright infringement and market competition in AI.
Baroness Stowell, who chairs the House of Lords Communications and Digital Committee, emphasized the need for updated copyright legislation. She expressed her disappointment in the government’s lack of commitment to enhanced governance measures for AI standards and policy decisions. She also recommended policy discussions on overseeing market competition.
The government’s response to the parliamentary report indicates a newfound acceptance of regulatory reforms for AI in the United Kingdom.
In related news, the UK government recently identified cryptocurrency firms as one of the “greatest risks” for money laundering between 2022 and 2023. As a result, the UK National Crime Agency and police have been authorized to seize, freeze, and destroy cryptocurrencies linked to criminal activities, even without formal arrests. According to Home Secretary James Cleverly, this measure is aimed at preventing criminals from profiting from illegal activities. The decision was made in response to instances of crypto fundraising by groups involved in criminal proceedings.
These new regulations were implemented following the passage of a crime bill by the UK parliament in 2023, which facilitated the swift seizure of cryptocurrency.
In the midst of these developments, the question arises: are memecoins a betrayal of crypto’s ideals or their true purpose?