AI safety group proposes criminal liability on developers, tokens suffer steep declines in prices

• AI group Center for AI policy proposes the Responsible Advanced Artificial Intelligence Act of 2024 for Congress and policymakers. 
• The AI proposal has garnered attention from crypto experts and attorneys, as they weigh its impact on the technology. 
• AI tokens RNDR, GRT, FET, AGIX, AKT see steep declines in prices on Wednesday. 

An AI Policy group lobbying for stringent rules on Artificial Intelligence, the Center for AI Policy, published a Model Legislation document for the Congress and policymakers’ reference. The Communications Director of the policy group explained how the model legislation proposes to “impose civil and criminal liability on developers,” per his post on LinkedIn. 

AI tokens Render (RNDR), The Graph (GRT), Fetch.AI (FET), Singularity.net (AGIX) and Akash Network (AKT) observed a steep correction in their prices on April 10. 

AI policy group proposes legislation, raises concern among market participants

The AI policy group’s model legislation document, the Responsible Advanced Artificial Intelligence Act (RAAIA), and its contents have raised concern in the crypto community. Proponents and experts like Neeraj Agrawal and lawyer Neil Chilson shared their take on the legislation in official tweets on social media platform X. 

In its legislation, the group lobbies for stringent rules on AI, with a focus on safety, establishment of a licensing regime and the imposition of civil and criminal liabilities for misuse of AI. Marc Ross, Communications Director at the Center for AI Policy, said in a LinkedIn post, alongside an official press release, 

Safety first: The Center for AI Policy, a new group lobbying for tight rules on artificial intelligence, released a draft bill this morning that would launch a new AI safety agency. It would also grant the White House sweeping emergency powers, establish a strict licensing regime, clamp down on open-source models, and impose civil and criminal liability on developers.

Marc Ross on model legislation

The policy group proposes to protect the public against the growing risks of advanced AI through a five-step plan detailed in its executive summary of the model legislation here. 

AI token prices suffer a decline

Data from crypto intelligence tracker CoinGecko shows that the top AI tokens have observed a correction in their prices on Wednesday. This correction has been likely catalyzed by Bitcoin’s price decline below $68,000, on Binance. It may be attributed to the Responsible Advanced Artificial Intelligence Act legislation proposed by the policy group, which according to Marc Ross, spells concerns for developers.

AI token prices as seen on CoinGecko

The AI tokens have wiped out their gains on the weekly timeframe as well. 

---