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The Growing Concerns of Artificial Intelligence

Nowadays, everyone has an opinion on artificial intelligence (AI) and its potential risks. Even Pope Francis ÔÇö the head of the Catholic Church ÔÇö warned humanity of AIÔÇÖs potential dangers and explained what needs to be done to control it. The Pope wants to see an international treaty to regulate AI to ensure it is developed and used ethically. Otherwise, he says, we risk falling into the spiral of a ÔÇ£technological dictatorship.ÔÇØ The threat of AI arises when developers have a ÔÇ£desire for profit or thirst for powerÔÇØ that dominates the wish to exist freely and peacefully, he added.

The same feeling was expressed by the Financial Stability Oversight Council (FSOC), which is comprised of top financial regulators and chaired by United States Treasury Secretary Janet Yellen. In its annual report, the organization emphasized that AI carries specific risks, such as cybersecurity and model risks. It suggested that companies and regulators enhance their knowledge and capabilities to monitor AI innovation and usage and identify emerging risks. According to the report, specific AI tools are highly technical and complex, posing challenges for institutions to explain or monitor them effectively. The report warns that companies and regulators may overlook biased or inaccurate results without a comprehensive understanding.

Even judges in the United Kingdom are ruminating on the risks of using AI in their work. Four senior judges in the U.K. have issued judicial guidance for AI, which deals with AIÔÇÖs ÔÇ£responsible useÔÇØ in courts and tribunals. The guidance points out potentially useful instances of AI usage, primarily in administrative aspects such as summarizing texts, writing presentations and composing emails. However, most of the guidance cautions judges to avoid consuming false information produced through AI searches and summaries and to be vigilant about anything false being produced by AI in their name. Particularly not recommended is the use of AI for legal research and analysis.

How AI legalese decoder Can Help

The AI legalese decoder can address the concerns raised by Pope Francis, the FSOC, and the senior judges in the U.K. It can be used to ensure that AI is being developed and used ethically, as called for by the Pope, by decoding legal texts and contracts to identify any potential biases, inaccuracies, or unethical practices. The AI legalese decoder can also assist companies and regulators in monitoring AI innovation and usage, as recommended by the FSOC, by providing a comprehensive understanding of AI tools and identifying any emerging risks. Additionally, the decoder can aid judges in avoiding consumption of false information produced by AI searches and summaries, as cautioned by the U.K. judges, by accurately interpreting and analyzing legal texts and cases.

The legal Battles of Cryptocurrency

Tether, the company behind the stablecoin Tether (USDT), disclosed letters directed to U.S. lawmakers addressing requests for intervention by the Department of Justice (DOJ) about the illicit use of its stablecoin. The letters aim to answer calls from Senator Cynthia Lummis and Representative French Hill from October, urging the DOJ ÔÇ£to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism.ÔÇØ Tether stated that it has a Know Your Customer program, a transaction monitoring system and a ÔÇ£proactive approachÔÇØ to identifying suspicious accounts and activities. In addition, Tether said that clientsÔÇÖ reviews do not end with their registration and claimed it uses surveillance monitoring tools to track client activity continuously. The company also disclosed that it onboarded the Federal Bureau of Investigation (FBI) to its platform as part of collaboration efforts with law enforcement.

KuCoin’s Agreement with New York and Crypto Crimes in 2023

Crypto exchange KuCoin has agreed to pay $22 million to the State of New York and to bar state residents from using its platform, according to a stipulation and consent order filed in the New York Supreme Court. In addition, KuCoin ÔÇ£admits that it represented itself as an ÔÇÿexchangeÔÇÖ and was not registered as an exchange pursuant to the laws of New York State.ÔÇØ The company has agreed to close the accounts of all New York resident users within 120 days and to prevent New York residents from obtaining accounts in the future. In addition, it will restrict access to withdrawals to only within 30 days, leaving the remaining 90 days available for users to withdraw funds.

The criminal investigation unit of the U.S. Internal Revenue Service has listed four crypto-related cases among the top 10 of its ÔÇ£most prominent and high-profile investigationsÔÇØ in 2023. Four significant cases in 2023 involved the seizure of cryptocurrency, fraudulent practices, money laundering and other schemes. OneCoin co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison in September for his role in marketing and selling a fraudulent crypto asset.

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