Trump reserves 10-year tax law, takes lead in AI and cryptocurrency

Trump Reserves Tax Law for 10 Years, Anticipates AI and Cryptocurrency Controversial Decision on AI Regulations in US Senate Budget Bill Senator Elizabeth MacDonough ruled late Saturday that Republicans can maintain a 10-year suspension of state and local artificial intelligence (AI) regulations in the comprehensive congressional tax and spending bill. House Commerce Committee Chairman Ted Cruz (Republican-Texas) modified the AI ban to comply with Senate budget regulations. According to the draft, states and local governments would lose billions in federal broadband expansion funds if they implement any AI regulations in the next decade. This is a surprising victory for Republican senators, according to Bloomberg. Opposition from Conservative Senators Senators Josh Hawley (Missouri) and Marsha Blackburn (Tennessee) collaborated with Democratic opponents, arguing that states should have the right to protect their residents. Hawley declared he would work with Democrats to submit an amendment to remove the suspension when the bill is reviewed in the Senate. Blackburn previously emphasized, "We do not need a suspension banning state autonomy on AI issues." Political Impact and Reactions Political figures like Rep. Marjorie Taylor Greene (Georgia) and the House Freedom Caucus threatened to oppose H.R. 1 if the 10-year suspension remains. Greene warned she would oppose the bill unless the AI language is removed. This decision favors technology companies seeking to delay new AI safety laws, minimizing barriers through the Senate budget process. States violating new AI regulations would lose federal broadband support funds. Senators can challenge the suspension in the chamber, with termination requiring a simple majority vote. Budget Role and AI Regulation Criteria For Democratic senators, MacDonough emphasized that alternative options do not align with budget rules, such as requiring states to match food assistance funds or mandating parties to Staking large amounts for temporary court orders. With the July 4th deadline approaching, Senate leaders are expected to vote on the spending bill this week. Negotiation staff are working discreetly to finalize last details, while the Senate Budget Council anticipates occasional public updates.