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AI & Crypto Weekly Insights (02/06): Biden Administration split on how to regulate AI, and Sotheby's announces a second auction of coveted NFTs

6 min read  ·  01 Jun 2023

Dmitri Cherniak's Ringers #879 'The Goose'. Image courtesy of Sotheby's

⚖️ Legal

Treat crypto as securities by default, European Parliament study says. Crypto assets should be treated as securities by default, and the autonomous organizations that govern DeFi should be granted legal status, according to a study commissioned by lawmakers at the European Parliament that was published Tuesday. (CoinDesk)

Biden administration is divided over how to best regulate AI. Some in the administration favor the aggressive approach of the EU, while others are worried heavy regulation could put the U.S. at a disadvantage. (Bloomberg)

A South Florida art dealer has been sentenced to two years in prison for selling fake Warhols. Prosecutors said Bouaziz, the owner of Danieli Fine Art and Galerie Danieli in Palm Beach county, sold counterfeit artworks to a customer in October 2021 including pieces purportedly by Andy Warhol. He also sold fake paintings by Roy Lichtenstein, Keith Haring, Henri Matisse, and Jean-Michel Basquiat. (The Guardian)

🔗 Crypto

Sotheby's second 3AC NFT auction includes landmark Dmitri Cherniak work, "The Goose". The second sale of 3AC collectibles from the "Grails" collection will be held in New York on June 15 and will feature 37 works from generative artists like Dmitri Cherniak, Tyler Hobbs, Jeff Davis and more. Dmitri Cherniak's Ringers #879 ("The Goose") was originally purchased by 3AC for around $5.8m in August 2021. (CoinDesk)

Blur's NFT lender Blend sees volume reach $225 million in less than a month. Blend has facilitated nearly 16,000 loans for a total of 123,500 ETH, or $225 million, according to a report from Nansen. (The Block)

Binance enters NFT lending space, starting with ETH loans. Binance has launched NFT loans feature on its NFT marketplace. The feature currently supports ETH borrowing against “blue-chip” NFTs, such as BAYC, MAYC and Azuki. (The Block)

Apple allows crypto game Axie Infinity on the App Store in some regions. ‘Axie Infinity: Origins’ will be available on Apple’s App Store in a select number of countries throughout Latin America and South East Asia. The game’s creator, Sky Mavis, is hopeful Apple allowing users to play ‘Axie Infinity: Origins’ on the iPhone is a step towards wider adoption of web3 gaming. (The Block)

🤖 A.I.

How AI art took over TikTok. Neelam Tailor speaks to the artists at the forefront of TikTok's AI art scene to discuss the controversies and possibilities the new medium presents. (WePresent)

Wall Street banks roll out new AI tools. Lenders are experimenting with artificial intelligence, with JPMorgan leading the way. (Bloomberg)

A group of leading AI experts have warned that AI should be considered an existential risk. “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement said. Signatories included the chief executives of Google’s DeepMind, the ChatGPT developer OpenAI, and the AI startup Anthropic. (The Guardian)