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AI & Crypto Weekly Insights (16/06): UK makes AI and crypto push, and Paul McCartney announces AI Beatles Song

4 min read  ·  16 Jun 2023

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

⚖️ Legal

OpenAI, DeepMind, Anthropic will open up AI models to UK government to conduct safety research. Prime Minister Rishi Sunak said such access will “help us better understand the opportunities and risks of these systems.” (Politico)

Google calls on the US government to distribute oversight of AI. Google is urging the US federal government to divvy up oversight of artificial intelligence tools across agencies rather than setting up a single regulator dedicated to the issue, striking a contrast with rivals like Microsoft and OpenAI. (Washington Post)

🔗 Crypto

Three Arrows Capital NFT collection sold for almost $11mn at auction. The 37 artworks, which bidders could pay for with cryptocurrency, brought in almost $11m at Sotheby's in New York. The artworks included Dmitri Cherniak’s “Ringers #879”, known as “The Goose”. It sold for $6.2mn to @punk6529, which the auction house said made it the second-most valuable work of generative art ever sold, behind another of Cherniak’s works. (FT)

Bank of China's BOCI issues first tokenized security in Hong Kong on Ethereum. Bank of China investment bank, together with UBS, issued fully digital structured notes worth 200 million of offshore renminbi ($28 million) on the Ethereum blockchain, making it the first Chinese financial institution to issue a tokenized security in Hong Kong. (The Block)

Tether (USDT) deviates from dollar peg as market mismatches. Tether Holdings Ltd.’s USDT, the world’s largest stablecoin, deviated slightly from its peg to the US dollar on Thursday as investors offloaded the token. (Bloomberg)

A16z opening London office as Rishi Sunak plans to make country web3 hub. Venture firm Andreessen Horowitz plans to open its first international office in London due to increasing regulatory scrutiny on cryptocurrencies in the United States. Prime Minister Rishi Sunak welcomes the move, emphasizing the country’s support for web3 and its aim to provide regulatory clarity for crypto businesses. (The Block)

🤖 A.I.

Sir Paul McCartney has announced the creation of a new Beatles song created with the help of AI. Using a technique called "stem separation," the technology was employed to isolate John Lennon's voice from an old demo. Although the title of the song has not been released, experts believe it is Lennon's unfinished work, "Now and Then." (BBC)

Google’s AI-powered search overhaul is causing alarm in the news media industry. Critics fear that Google's Generative AI Search results could amount to a “nuclear bomb” for online news businesses that've come to rely on search traffic to survive. (New York Magazine)