Regulation
OpenAI Executive Jan Leike Resigns, Calls for Stronger AGI Safety Measures
![](https://coin2049.io/wp-content/uploads/2024/05/OpenAI-e1695289963155.jpg)
Jan Leike, the head of alignment in OpenAI and the leader of ‘Superalignment’ team has left this company due to his worries about its priorities which he thinks are more focused on product development than AI safety.
Leike made a public announcement of his resignation on May 17, through a series of posts on the social media platform X, which was previously known as Twitter. He stated that the OpenAI leadership was wrong in their choice of core priorities and they should place more emphasis on safety and preparedness as AGI development is moving forward.
Jan Leike’s Safety Concerns and Internal Disagreements
Leike, who had been with OpenAI for about three years, pointed out in his posts that the culture and processes around AI safety were being neglected by the development of “shiny products”. He expressed concern over the allocation of resources, saying that his team needed help to get the necessary computing power to carry out important safety research.
Building smarter-than-human machines is an inherently dangerous endeavor.
OpenAI is shouldering an enormous responsibility on behalf of all of humanity.
— Jan Leike (@janleike) May 17, 2024
“The construction of machines that are smarter than humans is a risky task by itself,” Leike quoted, thus indicating the OpenAI’s responsibility for humanity.
His resignation came almost at the same time as Ilya Sutskever’s departure. Sutskever, the co-leader of the ‘Superalignment’ team and OpenAI’s chief scientist, had already announced his resignation a few days earlier. The departure of Sutskever was a noticeable since he co-founded OpenAI and participated in various research projects, including the development of ChatGPT.
Dissolution of the Superalignment Team
In view of the recent resignations, OpenAI has decided to disband the ‘Superalignment’ team and its functions will be merged with other research projects in the company. Bloomberg told that this decision is a result of the internal restructuring which has been going on since the governance crisis in November 2023 when CEO Sam Altman was temporarily removed and President Greg Brockman lost his chairmanship.
The ‘Superalignment’ team, created to deal with the existential risks that were brought by advanced AI systems and was responsible for developing solutions of controlling and steering superintelligent AI. Their work was considered as the most important in making preparations for the next generations of AI models.
Although the team was dissolved, OpenAI has promised that research on long-term AI risks will go on under the direction of John Schulman, who is leading also a team which develops how to fine-tune AI models after training.
OpenAI’s Current Trajectory and Prospects
Leike and Sutskever’s resignations, together with the disbanding of ‘Superalignment’ team, have been followed by a high-level scrutiny on AI safety and governance at OpenAI. This is the result of a long period of contemplation and disagreement, especially after Sam Altman was dismissed and then later rehired.
The departures and restructuring indicate that OpenAI may not be committed to the safety as it continues to develop and release advanced AI models. Lately, OpenAI has introduced a new “multimodal” AI model, GPT-4o, which can interact with humans more naturally and in an almost human-like way. Although this achievement proves OpenAI’s technological skills, it also reveals the ethical issues concerning privacy, emotional manipulation, and cybersecurity risks.
Though there is a lot of commotion, OpenAI still sticks to the main goal which is to create AGI safely and for the good of humanity. In a post on X, Sam Altman, OpenAI’s CEO admitted Leike’s work and stressed the company’s commitment to AI safety.
“I’m very grateful to @janleike for his great contributions to OpenAI’s alignment research and safety culture, and I am really sad that he is leaving. He’s right we have a lot more work to do; we are determined to do it. I will post my longer version in the next couple of days,” Altman wrote.
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Regulation
Former Solicitor General Paul Clement Joins Crypto Industry Fight
![](https://coin2049.io/wp-content/uploads/2024/06/Custodia-Bank-CEO-Caitlin-Long.webp.webp)
A week after Custodia Bank filed an appeal in the 10th Circuit Court challenging the Fed’s power to deny it a master account, former Solicitor General Paul Clement has now filed an amicus brief on behalf of the crypto industry.
Paul Clement Takes Custodia Bank vs Fed Fight Ahead
As said, in the recent Custodia Bank vs. Fed case, Paul Clement filed an Amicus brief on Wednesday, July 3, while supporting the crypto industry. Clement has gained popularity in his recent success in overturning the Chevron Defence in the Supreme Court case in the Supreme Court case involving Loper Bright fishermen.
Also Read: US SEC Takes Major Blow In Chevron Howey Test Case, Implication For Crypto
In this ongoing legal fight, The Digital Chamber (TDC) and the Global Business Blockchain Council-USA (GBBC-USA) have expressed their significant interest and unique perspective. With extensive experience in the digital assets industry, the two organizations have argued that denying state-chartered banks a reliable path to participate in the national banking just because of the involvement with digital assets will threaten the growth and success of the trillion-dollar blockchain industry.
The two organization argue that upholding the lower court’s decision will give politically unaccountable federal officials and unchecked power to stiffle innovation thereby cutting off legitimate businesses from having crucial access to the global financial system.
The District Court stated that the “Federal Reserve Bank of Kansas City (“FRBKC”) has unreviewable discretion to denynonmember depository institutionsa master account”.
TDC and GBBC argued that despite following the legal boundaries, this court decision set dangerous precedence for any industry that might fall out with the Fed officials.
Paul Clement Raises Constitutional Concerns on Fed’s Structure
In the amicus brief, the former Solicitor General has raised some constitutional questions regarding the Fed’s structure. Clement states: “In sum, by affording Federal Reserve Bank presidents significant and largely unconstrained discretionary power, the district court’s decision raises serious constitutional questions under Article II.”
“The district court’s decision threatens the dual system by granting Federal Reserve Bank officials unreviewable discretion to “effectively crippl[e]” state-chartered banks operating legally,” he added.
Also Read: Custodia Bank CEO Predicts “Rip Roaring” Bitcoin Bull Market
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Kamala Harris Overtakes Biden In Prediction Markets, Has Trump’s Opponent Changed?
![](https://coin2049.io/wp-content/uploads/2024/07/1229228819.webp.webp)
Kamala Harris has recently surged ahead of President Joe Biden in the prediction markets. This marks a significant shift in the political landscape as the 2024 U.S. presidential election race intensifies. However, the fight between Republican candidate Donald Trump and Biden isn’t over yet.
Kamala Harris Oversteps Biden In Betting Markets
On Predict It, Kamala Harris U.S. 2024 election winning bets surged to 22 cents while Biden’s dropped to 21 cents. Furthermore, Trump took the lead with a major gap as the bet was priced 59 cents on his win. Nevertheless, it could be too early to deem Harris as Trump’s ultimate opponent.
According to a new Reuters poll, President Biden is now neck-and-neck with his Republican challenger, Donald Trump, in the upcoming November election. This poll also reveals a shifting sentiment among Democrats, with approximately one-third believing Biden should consider stepping aside following a ‘ridiculous’ debate performance.
The debate in question has sparked internal discussions among Democrats. Moreover, some Biden loyalists are now questioning his viability for re-election in 2024. In addition, sources within the party indicate that Vice President Kamala Harris is emerging as the preferred candidate to step in should Biden decide to withdraw from the race.
Biden recently offered an explanation for his debate performance, admitting he “wasn’t very smart” for undertaking extensive travel before the event. “I didn’t listen to my staff… and then I almost fell asleep on stage,” he remarked during an event with Representative Don Beyer. “It’s not an excuse, but an explanation,” he added.
Also Read: U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz
The U.S. Election Race Intensifies
The political momentum appears to be shifting towards Trump, who now holds a 3-point advantage over Biden in key battleground states and a 2-point lead nationally. This change underscores a critical dynamic in the race: voter motivation. Currently, Republicans show higher enthusiasm, with more indicating they will “definitely” vote compared to their Democratic counterparts.
Over 90% of Biden and Trump supporters are firmly opposed to voting for the other candidate. Despite this strong partisan divide, the overall stability of the election race has not significantly changed. Biden experienced a brief uptick in support in June after Trump was convicted of felonies in New York. However, this did not significantly alter the broader election dynamics.
In light of the recent debate and shifting polls, the Democratic Party faces a pivotal decision regarding its candidate for the 2024 election. Kamala Harris’s rise in the prediction markets signals growing support within the party and among political analysts. If Biden’s campaign continues to face challenges, Harris may become the Democratic frontrunner.
Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Ripple and Coinbase Use Binance Win to Contest SEC Claims
![](https://coin2049.io/wp-content/uploads/2024/07/Ripple-Labs-Inc.jpg)
Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?
Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
Also Read: Genesis Digital Is Considering Going Public Via IPO In US: Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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