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Genesis and Gemini face civil suit alleging $1 billion fraud

20Oct

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Technology

Genesis and Gemini face civil suit alleging $1 billion fraud

CNN — The fallout from the colossal implosion of Sam Bankman-Fried’s crypto business is still rippling through the digital asset industry nearly a year later. On Thursday, New York’s attorney general filed a lawsuit against three digital asset firms that were caught up in the collapse of Bankman-Fried’s empire last fall — Gemini Trust, Genesis Global Capital and Digital Currency Group, parent company of Genesis. The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. The AG’s office said that an investigation found Gemini, the crypto firm founded by Cameron and Tyler Winklevoss, deceived investors about significant risks associated with a lending ser...

Biden teases forthcoming executive order on AI

30Sep

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Technology

Biden teases forthcoming executive order on AI

CNN — The White House plans to introduce a highly anticipated executive order in the coming weeks dealing with artificial intelligence, President Joe Biden said Wednesday. “This fall, I’m going to take executive action, and my administration is going to continue to work with bipartisan legislation,” Biden said, “so America leads the way toward responsible AI innovation.” Biden offered no details on the contents of the coming order, which the White House had first announced in July. But his remarks offer greater insight into his administration’s timing. Biden’s signing of the order would build on an earlier administration proposal for an “AI Bill of Rights.” Civil society groups have u...

Five takeaways from the FTC’s 172-page antitrust lawsuit against Amazon

30Sep

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Five takeaways from the FTC’s 172-page antitrust lawsuit against Amazon

Washington CNN — An antitrust lawsuit from 17 states and the Federal Trade Commission this week against Amazon represents the US government’s biggest regulatory challenge yet against the e-commerce juggernaut. The landmark case targets Amazon’s retail platform, alleging that it’s harmed shoppers and sellers alike on a massive scale. Through an alleged “self-reinforcing cycle of dominance and harm,” the plaintiffs claim, Amazon has run an illegal monopoly in ways that are “paying off for Amazon, but at great cost to tens of millions of American households and hundreds of thousands of sellers.” In response, Amazon has argued the case is “wrong on the facts and the law” and warne...

28Sep

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Technology

Yelp sues Texas to defend its labeling of crisis pregnancy centers

Washington CNN — Yelp is suing Texas to ensure it can continue to tell users that crisis pregnancy centers listed on its site do not provide abortions or abortion referrals, opening a new front in the fight between states and the tech industry over abortion restrictions. In a complaint filed Wednesday in San Francisco federal court, Yelp said it is suing Texas Attorney General Ken Paxton preemptively, to head off a lawsuit it anticipates from his office as soon as Friday that may seek to bar Yelp from applying its labels to crisis pregnancy centers. Yelp said it currently applies the following label to crisis pregnancy center listings: “This is a Crisis Pregnancy Center. Crisis Pregnancy Centers do ...

FCC to propose rules for net neutrality that ban internet providers from blocking websites

27Sep

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Technology

FCC to propose rules for net neutrality that ban internet providers from blocking websites

CNN — The US government aims to restore sweeping regulations for high-speed internet providers such as AT&T, Comcast and Verizon, reviving “net neutrality” rules for the broadband industry — and an ongoing debate about the internet’s future. The proposed rules from the Federal Communications Commission will designate internet service — both the wired kind found in homes and businesses as well as mobile data on cellphones — as “essential telecommunications” akin to traditional telephone services, said FCC Chairwoman Jessica Rosenworcel. The rules would ban internet service providers (ISPs) from blocking or slowing down access to websites and online content. In addition to the prohibitions on b...

US says it has no evidence that Huawei can make advanced smartphones ‘at scale’

25Sep

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Technology

US says it has no evidence that Huawei can make advanced smartphones ‘at scale’

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — Commerce Secretary Gina Raimondo says the US government has no evidence that Huawei can produce smartphones with advanced chips “at scale,” as it continues to investigate how the sanctioned Chinese manufacturer made an apparent breakthrough with its latest flagship device. On Tuesday, Raimondo told US lawmakers that she was “upset” by news of the launch of Huawei’s Mate 60 Pro during her visit to China last month. “The only good news, if there is any, is we don’t have any evidence that they can manufacture 7-nanometer [chip...

24Sep

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Technology

Donald Trump Jr.’s X account was hacked, spokesman says

Washington CNN — A spokesman for former President Donald Trump said Wednesday that Donald Trump Jr.’s account on X – the platform formerly known as Twitter – had been compromised after the account began sharing a series of unusual and erratic posts. “Don’s account has been hacked,” Andrew Surabian posted on X, adding that a post claiming the former president had died was “obviously not true.” In addition to falsely pronouncing the death of the senior Trump, the compromised account also claimed that Trump Jr. would be running for president himself. Within minutes, the post had been reshared more than 1,000 times on X and viewed hundreds of thousands of times. Another post appeared to t...

Chuck Schumer hosts tech companies Google, Meta, Microsoft, and X over AI regulations including Chat GPT

13Sep

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Technology

Chuck Schumer hosts tech companies Google, Meta, Microsoft, and X over AI regulations including Chat GPT

Washington CNN — Some of the most influential voices in the tech industry are set to meet with federal lawmakers Wednesday morning as the US Senate prepares to draw up legislation regulating the fast-moving artificial intelligence industry. Among those attending the in-person event will be the CEOs of Anthropic, Google, IBM, Meta, Microsoft, Nvidia, OpenAI, Palantir and X, the company formerly known as Twitter. The guest list also includes Bill Gates, the former CEO of Microsoft, and Eric Schmidt, the former CEO of Google, along with leading officials from the entertainment industry, civil rights groups and labor organizations. Wednesday’s meeting and its expected all-star cast marks the first of ...

9Sep

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Technology

Elon Musk’s X Corp. sues California AG over content moderation law

New York CNN — Elon Musk’s X Corp., the parent company of the platform formerly known as Twitter, on Friday sued California’s attorney general over the state’s new content moderation law. California Gov. Gavin Newsom signed bill AB 587 into law last September. The law requires social media companies to post their terms of service online and submit a semiannual report to the state attorney general outlining their content moderation policies and practices. Platforms must, among other things, disclose how their automated content moderation systems work, how they define controversial content categories such as “hate speech” and “disinformation,” and the number of pieces of content flagged or removed in such catego...

Chuck Schumer to host AI forum with Zuckerberg and Musk among attendees

3Sep

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Technology

Chuck Schumer to host AI forum with Zuckerberg and Musk among attendees

CNN — More than a half-dozen leading tech CEOs will be among those attending a highly anticipated artificial intelligence event hosted by Senate Majority Leader Chuck Schumer next month, according to the senator’s office. The September 13 event will involve Google CEO Sundar Pichai and former Google CEO Eric Schmidt; Meta CEO Mark Zuckerberg, OpenAI CEO Sam Altman; Microsoft CEO Satya Nadella; Nvidia CEO Jensen Huang; and Elon Musk, CEO of X, the company formerly known as Twitter. It is the first of nine sessions Schumer has said will begin this fall to discuss the hardest questions that regulations on AI will seek to address, including how to protect workers, national security and copyright...