The administration of US President Joe Biden is moving quickly to draft an executive order that will address the hazards associated with artificial intelligence and give government agencies guidelines on possible use.
Media sources indicate that Biden will announce the administration’s long-awaited executive order on artificial intelligence, which could have significant ramifications for XRP and the larger cryptocurrency market.
Game-Changing EO Seen To Reshape AI Integration
The anticipated directive, projected to be released as early as Monday, aims to simplify the process of high-skilled immigration, establish numerous governmental entities and specialized groups, and facilitate the integration of artificial intelligence (AI) in various domains influenced by the federal government, encompassing healthcare, trade, housing, education, and beyond.
According to Forbes, the market value of XRP, Bitcoin, and other digital assets might be influenced by the decision. It is worth mentioning that Billy Bambrough, a senior contributor for Forbes, observed that specific information regarding the forthcoming ruling was disclosed in a leaked article.
Leak Reveals Joe Biden Could Be About To Issue A Game-Changing Executive Order That Could Spark Bitcoin, Ethereum, XRP And Crypto Price Chaos https://t.co/9x3a4Fcn2B
— Forbes (@Forbes) October 26, 2023
This long-awaited directive is the single most important effort to impose national order on a technology whose explosive growth has surprised many. This is especially true in light of the remarkably human-like capabilities of the most recent and strong generative AI models.
An Overcrowded Crypto Landscape?
Forbes has forecasted the emergence of a congested crypto market, which has been prompted by a recent spike in the prices of XRP, Bitcoin, and other cryptocurrencies.
XRP market cap currently at $29.191 billion on the daily chart: TradingView.com
Market players are of the opinion that the surge in market optimism can be attributed to the increased level of enthusiasm surrounding BlackRock’s application for a bitcoin spot exchange-traded fund.
Bambrough emphasized that the positive trend signifies the increasing attention from the financial industry in cryptocurrencies, particularly from Wall Street. Nevertheless, as stated by a senior contributor at Forbes, it is plausible that the U.S. government has the potential to initiate a substantial shift in the prevailing trend.
During a recent conversation, Bambrough provided details on the upcoming executive order, highlighting its emphasis on artificial intelligence (AI) and President Biden’s expected announcement of it.
The report claims that this event has caused a great deal of anxiety in the cryptocurrency sector. Bambrough emphasized that the program, which is expected to be unveiled in the coming weeks, is meant to ensure the safe and dependable deployment of AI.
Concerns Arise Over Potential ‘National Resource’ Tag – Its Impact On XRP, Crypto Market
Forbes reports that cryptography specialists are worried about the possibility of computer energy being designated as a “national resource.”
Possible legislative changes or limits on energy usage linked with cryptocurrency mining and blockchain technology may result from this classification, which would have far-reaching consequences for the crypto industry.
The potential consequences of this action may have a substantial effect on the decentralized characteristics and energy usage of these technologies, leading to concerns within the cryptocurrency industry.
Image: Government Accountability Project
According to Arati Prabhakar, the director of the White House Office of Science Technology and Policy, the proliferation of generative AI tools like ChatGPT has raised concerns for President Biden. Consequently, the administration is actively engaged in developing an executive order aimed at offering federal agencies guidance on the optimal utilization of AI technology.
The limitations on purchasing computing power, if imposed, could have a detrimental effect on the broader cryptocurrency market, extending its impact to assets like XRP. Concerns arise because Bitcoin miners might face constraints in acquiring computing power, affecting their productivity.
Alexander Grieve, Head of government affairs at Paradigm, expressed worries about potential restrictions, comparing the situation to “Operation Choke Point but for computing power.”
This relates to the potential classification of computing energy as a “national resource,” which might mandate cloud computing giants like Google and Amazon to disclose information if customers exceed set limits in buying computing resources for activities such as Bitcoin mining, as indicated in the report.
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