Two big stories are making headlines: one about stablecoins and another about Elon Musk and OpenAI.
Top Democrat in the U.S. House of Representatives, Maxine Waters has introduced new rules for stablecoins. A stablecoin is a digital currency that is backed by real money. Such stablecoin companies need to follow strict rules governing that they have sufficient money to back up their coins, said Waters. Her proposal, the OCC, the Federal Reserve and state regulators would have oversight power.
However, Republican lawmakers have their own ideas of how to regulate stablecoins with their own rules. That’s because it would give more power to the OCC and less to the Federal Reserve. Democrats and Republicans are working to get together to have fair and clear rules about the stablecoin market.
Elon Musk’s investor group has made a big $97.4 billion offer for the nonprofit side of OpenAI, the company behind ChatGPT. Musk is in a legal fight with OpenAI CEO Sam Altman, who co-founded OpenAI in 2015. Musk hopes that OpenAI will go back to its original mission of developing open source and safe AI. However, Altman turned down Musk’s offer according to himself.
Lawmakers and business leaders are turning their eyes to both stablecoins and AI technology. AI has dramatically changed how we use technology, and stablecoins are considered to be the future of digital payments. And as these discussions continue, significant change is on the way.
Also read: Elon Musk’s X Money Eyes Bitcoin Integration as Tesla Hits $600M Profit
