Artificial Intelligence Tokens ‘Wobbling’ After White House Edict

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US President Joe Biden’s first executive order on artificial intelligence (AI) has sparked a lot of debate and mixed reactions.

On October 31, the White House officially issued an executive order on the safe development and use of artificial intelligence (AI) technology to eliminate potential threats from artificial intelligence.

Specifically, the Biden administration requires companies developing artificial intelligence to notify the U.S. government under the Defense Production Act (DPA) if they develop projects that pose risks to national security, the economy, or local health or affect user health. Additionally, the decree requires developers to come up with solutions to prevent AI from causing harm to workers.

The decree emphasizes: “Artificial intelligence has extraordinary potential, but it also contains many dangers. If used wisely and correctly, artificial intelligence can solve pressing challenges while making our world more prosperous, productive, innovative, and secure… However, if used carelessly, , the world will be ‘destroyed’ and endanger national security.”

Regarding this new executive order, White House Deputy Chief of Staff Bruce Reed called it the “strongest action” any government in the world has taken to ensure cybersecurity.

However, the above-mentioned actions have received many negative reactions from public opinion. The CEO of Tusk Ventures, a fund that invests in technology and artificial intelligence, said that technology companies will not want to share proprietary data from the artificial intelligence systems they are building with the government for fear of information leakage and fraud falling into the hands of adversaries.

Not only the tech world, but also many cryptocurrency companies have expressed dissatisfaction. Jeff Amico, a former a16z partner and current CEO of Gensyn Network, criticized the order as being very damaging to American innovation. He stressed that the new rules subject startups and companies developing advanced technology projects to the same compliance and reporting as larger organizations listed on the stock market.

After the release of the new decree, AI tokens such as The Graph (GRT), Fetch.AI’s (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN)… have all recorded a drop of 5-10% within 24 hours, although The market is generally recovering.

Price fluctuations of AI tokens. source: coin market cap