🚀 EU's revolutionary AI Act

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The European Union is set to revolutionize the artificial intelligence landscape with its pioneering AI Act, positioning itself as a forerunner in establishing global benchmarks for AI safety and ethics. This innovative legislation aims to safeguard privacy, eliminate bias, and oversee the application of AI in sensitive domains such as employment and education. However, opinions on the Act are divided; some view it as overly restrictive, while others believe it doesn't go far enough in addressing potential AI risks. Nearing its finalization, the Act awaits only the formal nod from EU member states and its official publication to take effect. It proposes strict limitations, including prohibitions on emotional recognition technology in educational and professional environments and constraints on AI's role in critical decision-making processes. Amidst debates over the potential stifling of innovation and the sway of major tech entities, the EU is gearing up to implement these regulations through a dedicated AI Office, signifying a robust commitment to navigating the intricacies of AI development and its societal impacts.

2. The U.S. House of Representatives has overwhelmingly voted to push forward a bill that could see TikTok's operations in the United States come to an end unless its parent company, ByteDance, divests the app. Garnering a substantial bipartisan approval with a 352-65 vote, the Protecting Americans from Foreign Adversary Controlled Applications Act is now poised to face a divided Senate. This legislation, sparked by concerns over national security due to TikTok's alleged connections with the Chinese Communist Party, aims to prohibit the app unless ByteDance relinquishes control within a six-month timeframe. Despite TikTok's protestations that the bill essentially amounts to a ban, the White House, including President Joe Biden who has recently engaged with the platform for campaign purposes, has signaled readiness to sign the bill into law, contingent upon its passage. As the Senate deliberates, the bill's implications for digital rights and market competition have ignited debates, with notable voices across the tech industry and political spectrum weighing in on its potential impact on innovation, free speech, and the competitive landscape of social media.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. Tech layoffs continue as IBM announces additional layoffs in the marketing and communications departments.

   2. Stripe passed $1T in total payments processed last year.

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