As Congress returns for the next three weeks before their August recess, both chambers are focusing their attention on the subjects of artificial intelligence (AI) and cryptocurrency.
Senate Majority Leader Chuck Schumer sent a “Dear Colleague” letter on Sunday outlining the democratic party’s policy goals for the session. Among these goals, Schumer emphasized the importance of building upon the SAFE Innovation Framework for AI, which aims to advance American leadership in AI while also addressing potential risks to society.
To further their understanding of AI’s role in national security, the Senate has organized a classified briefing on Tuesday with the Department of Defense and other intelligence agencies. This briefing will shed light on how AI is currently being utilized and invested in to protect national security, as well as inform Senators about the AI strategies employed by adversarial countries.
Additionally, on Wednesday, the Senate Judiciary Committee will conduct a hearing titled “Artificial Intelligence and Intellectual Property – Part II: Copyright,” exploring the intersection of AI and copyright law.
Looking ahead, Schumer mentioned that the Senate will soon be hosting a series of AI Insight Forums, inviting top experts in the field to share their knowledge and expertise.
Similarly, the House of Representatives will devote its attention to AI and crypto in the upcoming weeks. The House Financial Services Committee is expected to hold a markup for two crypto-related bills, one addressing stablecoins and another focusing on the broader crypto market structure. These markups are scheduled for July 19th.
As Congress reconvenes, the exploration and examination of AI and cryptocurrency demonstrate lawmakers’ recognition of the importance of these topics in shaping the future of technology and society. The discussions and initiatives proposed during this session will help guide American policy in these rapidly evolving fields.
House Judiciary Committee to Hold Hearing on Oversight of Federal Trade Commission
The House Judiciary Committee is set to conduct a hearing on the oversight of the Federal Trade Commission (FTC) this Thursday. The hearing will focus on the alleged mismanagement of the FTC and its failure to adhere to ethical standards and congressional oversight under the leadership of Chair Lina Khan.
Republican committee members are expected to criticize Khan’s antitrust philosophy and regulatory agenda. According to Owen Tedford, a senior research analyst at Beacon Policy Advisors, one key aspect of Khan’s regulatory agenda is the integration of artificial intelligence (AI).
In May, Khan wrote an op-ed for the New York Times titled “We Must Regulate A.I. Here’s How,” highlighting the need for AI regulation. Subsequently, the FTC’s Bureau of Competition & Office of Technology published a paper in June entitled “Generative AI Raises Competition Concerns,” further emphasizing the potential risks associated with AI.
The FTC commissioner, Alvaro Bedoya, has described these algorithm disgorgement actions as a message to the tech industry, indicating a potential shift toward regulatory enforcement instead of the traditional rulemaking process.
Overall, the upcoming House Judiciary Committee hearing marks an important moment in the oversight of the Federal Trade Commission. It provides an opportunity to examine concerns regarding mismanagement and lack of congressional oversight within the agency, as well as the potential implications of AI regulation on various industries.